Wednesday, January 11, 2006
Advance Auto Parts announces salaries
The Roanoke-based company said its CEO would make $750,000 plus bonuses in 2006.
Advance Auto Parts will pay its president and chief executive officer, Mike Coppola, a base salary of $750,000 this year, according to a report by the Roanoke company's compensation committee.
The salary figure is the same amount that Coppola brought home in 2005, though the figure only has been effective since May, when he succeeded Larry Castellani as CEO, according to Advance's May proxy statement.
Coppola will receive an annual bonus that is 100 percent of his salary, though the final amount will be determined by Advance's financial performance this fiscal year, the committee report states.
Salaries for 2005 will be reported in the company's proxy statement this spring, said Adam Bergman, a spokesman for Advance, a retailer of automotive parts and accessories.
The compensation report lists other Advance executives' salaries for 2006. Jim Wade, executive vice president of business development, will make $468,750, a slight increase from his annual salary of $452,221 in 2004. Michael Moore, the company's new chief financial official will earn $375,000, as will Elwyn Murray, executive vice president of administration.
David Mueller, executive vice president of merchandising and marketing, will earn $322,500 and Paul Klasing, executive vice president of stores, will make $347,500, a 25 percent increase from his annual salary of $276,658 in 2004.
The executives, who typically are paid bonuses quarterly, will start to receive bonuses annually, the report stated. Bergman said the bonus change is a result of "a focus more on the long-term rather than quarter-by-quarter performance."
Bonuses for these executives, other than Coppola, will be about 60 percent of their base salaries. The exact figures will be determined by Advance's financial performance this fiscal year.
In 2006, Coppola also will be eligible for up to $14,000 in reimbursement of certain expenses that include financial planning, supplemental insurance and tax preparation, according to the report. The other executives can receive up to $9,000 in reimbursements.
