NewPage under bankrupcty protection, but still wants a $3 million payout for 15 executives
NewPage Corporation may be under bankruptcy protection, but that hasn’t stopped the company from filing a motion with the U.S. Bankruptcy Court asking for approval for $3 million in a short-term incentive program to be split among 15 of its executives.
Who will get a share of the $3 million?
- Ronald J. Arling, Controller & Chief Accounting Officer
- Lee A. Bendtsen, Vice President, Operations Excellence
- Daniel A. Clark, Senior Vice President, Chief Administrative Officer
- Douglas K. Cooper, Senior Vice President, General Counsel & Secretary
- Steven J. DeVoe, Vice President, Marketing
- Jay A. Epstein, Senior Vice President, Chief Financial Officer & Assistant Secretary
- Glenn R. Grill, Vice President, Human Resources
- D. Wayne Howard, Vice President, Sourcing & Logistics
- Laszlo M. Lukacs, Senior Vice President, Operations
- George F. Martin, President and Chief Executive Officer
- Linda M. McClinchy, Vice President, Order Management
- Shelley L. Nash, Vice President, Sustainable Profitability
- Barry R. Nelson, Senior Vice President, Sales & Marketing
- Timothy D. Nusbaum, Treasurer
- Curtis H. Short, Vice President, Strategy
The $3 million, if approved by the court, will be paid to the 15 executives in two payments. The first payment will be earmarked for the second half of 2011, and the other, for the first half of 2012.
These 15 executives represent 0.25% of the company’s workforce. The company believes these executives play a pivotal role in restructuring the company, and this short-term incentive payout will provide incentive for the executives to continue to work tirelessly.
The terms and conditions of the company’s other incentive pay, the Long-term Incentive Program, are still under negotiation.
Source: NewPage Corp. (read the motion)
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