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Monro Muffler Brake Inc. CEO John Van Heel earned $3.08 million in total compensation in fiscal 2013, the company reported in its proxy statement filed with the Securities and Exchange Commission.
Van Heel, also the firm’s president, earned a salary of $525,000, which included a 10 percent increase in October 2012, when he succeeded Robert Gross as CEO. Van Heel’s compensation includes stock option awards of $2.54 million.
In fiscal 2012 Van Heel earned $445,000 with $222,982 in non-equity incentive plan compensation.
Executive Chairman Gross earned $791,200 in total compensation in fiscal 2013, including a salary of $630,000. Gross’ salary was reduced by 50 percent in October when he was named executive chairman. Gross earned $1.76 million in total compensation in fiscal 2012, including a $150,000 bonus and $757,639 in non-equity incentive plan compensation.
Gross earned a bonus of $150,000 in fiscal 2013, in connection with the renewal of his employment agreement in 2007, payable in five annual installments.
Joseph Tomarchio Jr., executive vice president-store operations, earned $588,700 in total compensation in fiscal 2013, including stock option awards of $79,300, compared with total compensation of $667,311 in fiscal 2012.
Catherine D’Amico, executive vice president-finance and chief financial officer, earned $429,100 in fiscal 2013, including stock option awards of $79,300, compared with $459,850 in fiscal 2012.
Christopher Hoornbeck, Monro’s divisional vice president-western operations, earned $248,600, compared with $292,403 in 2012. Craig Hoyle, division vice president-southern operations, earned $241,100 in fiscal 2013. The filing did not state 2012 compensation for Hoyle.
Monro plans to hold its annual shareholder meeting Aug. 6 at the Hyatt Regency Rochester, the SEC filing last week states. The agenda includes the re-election of five Class 2 directors, as well as approval of compensation paid to the company’s top six executives.
Additionally, Monro is asking for shareholder approval to amend the 2007 stock incentive plan to increase the number of shares of common stock available for awards by 2 million, or 6.4 percent of the number of shares of common stock currently outstanding.
Monro is slated to report first-quarter earnings July 22.
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