Gary Hendrickson
Valspar Corp.
Chairman, president, CEO
Total compensation: $20,168,485 for the year ended October 31, 2016
Salary: $1,041,647
Bonus: $0
Nonequity incentive pay: $2,213,479
Other compensation: $381,780
Restricted stock: $0
CEO Pay Watch: Valspar's Gary Hendrickson earned nearly $20.2 million last fiscal year
February 28, 2017 at 3:06AM
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Long-term incentive pay: $0
Exercised stock options: $3,098,765
Value realized on vesting shares: $13,432,814
New stock options: 0
Total fiscal 2016 shareholder return: 24.8 percent
Note: In March 2016, Cleveland-based Sherwin-Williams and Minneapolis-based Valspar Corp. agreed to a merger. The pending deal is worth $11.3 billion, or $113 for each Valspar share. The final value of the deal is dependent on what might have to be divested to meet requests of regulators.
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Hendrickson's nearly $20.2 million in compensation for the year includes $16.5 million from the value of previously issued stock options and restricted stock awards that were either exercised or vested during the year.
Valspar generally awards executives a mix of long-term equity awards that include stock options and restricted stock awards. On Sept. 27, the two companies agreed to grant just restricted stock awards to Valspar executives for the 2017 fiscal year. Hendrickson's award was valued at $6.2 million and that total is not included in his 2016 compensation total. His take-home compensation averaged $10.8 million for the previous three years.
Patrick Kennedy
about the writer
The Eden Prairie-based manufacturer says the company-wide software problems led to a quarterly loss and a 11.3% drop in sales.
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