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Tiffany Montgomery
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Board gives top Quik execs raises

By Tiffany Montgomery
December 18, 2009 2:09 PM

From a Quiksilver Inc. filing with the SEC today:

“On December 15, 2009, the Compensation Committee of the Board of Directors of Quiksilver, Inc. approved new annual base salaries (effective as of November 1, 2009) for certain of the Company's executive officers.

"These salary increases follow reductions to the base salaries of Mr. McKnight, Mr. Exon and Mr. Agnes in February 2008 and January 2009 and of Mr. Scirocco in February 2008. The following table sets forth the annual base salary levels of the Company's executive officers for fiscal 2010 and fiscal 2009:

Robert B. McKnight, Jr. CEO/President

2010 $ 1,000,000

2009 $ 903,000

Joseph Scirocco CFO

2010 $ 550,000

2009 $ 550,000

Charles S. Exon Chief Adminstrative Officer

2010 $ 500,000

2009 $ 404,000

Pierre Agnes, President/Europe

2010 $ 475,000 (1)

2009 $ 419,000

Craig Stevenson President/Americas

2010 $ 475,000

2009 $ 400,000

1) Mr. Agnes's base salary is paid in euros, but has been translated into U.S. dollars at an exchange rate of 1.30 dollars per euro for purposes of this disclosure."

The raises come after a signficant reduction in headcount and cost cutting at the company this year. Quiksilver has struggled under a heavy debt load, a failed acquisition of Rossignol and the impact of the global recession.

In December 2007, the board gave top Quiksilver executives raises, only to rescind the raises in February 2008.

The board further reduced salaries for executives in January of 2009.

 


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