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Total compensation declines for three top IEC execs

Rochester Business Journal
December 21, 2012

Top executives at IEC Electronics Corp. saw an increase in their annual salaries, but a decrease in total annual compensation in 2012, filings with the Securities & Exchange Commission show.

Barry Gilbert, chairman and CEO, received total compensation of $521,548 in 2012, down from roughly $1 million in 2011. The most current number includes his salary of $324,324, which is up from $298,455.

Other factors affecting total compensation include stock awards, non-equity incentive plan compensation and all other compensation.

President Jeffrey Schlarbaum received total compensation of $369,892 in 2012, including a salary of $251,640. That compares with total compensation of $610,239 and a salary of $239,721, the prior year.

Vincent Leo, chief financial officer, received compensation totaling $117,600 in 2012, all of which is attributed to his salary. Leo was not in the position in 2011.

Donald Doody, executive vice president of operations, received $296,890 in total compensation this year, including a salary of $205,526. That compares with total compensation of $467,155 and a salary of $194,869 in 2011.

Both stock awards and non-equity incentive plan compensation were down sharply in 2012 for Gilbert, Schlarbaum and Doody.

The compensation was included in the proxy form announcing IEC’s annual meeting at 9 a.m. Jan. 30 at the firm’s headquarters in Newark, Wayne County.

At the meeting shareholders are to: elect six directors to serve until the 2013 annual meeting; ratify the selection of EFP Rotenberg LLP as the independent registered public accounting firm; approve the compensation of executive officers; and vote on the frequency of future advisory votes on named executive officer compensation.

IEC ranked 15th on the most recent Rochester Business Journal list of manufacturers with 592 workers.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
  


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