Scott Sutton got a stock award valued at $1 million when he was hired as Olin's chief executive on Sept. 1, bringing his total compensation for 2020 to $1.6 million.
His predecessor, John Fischer, made $8.0 million last year, a 12% increase from 2019. Fischer remains chairman until April 22.
The company's filed this week, discloses that Sutton's salary for 2021 is set at $750,000, with a target bonus of $975,000 and a $6 million target value for stock and options. Most of Olin's stock awards are contingent on meeting three-year goals for earnings and shareholder return.
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Fischer's pay for 2020 included $1.15 million in salary, a $448,500 bonus, $3.5 million in stock and $2.7 million worth of options. The bonus paid out at just 30% of its target value because Olin missed its earnings and cash-flow goals.
CEO PAY IN A RECESSION: The average ºüÀêÊÓƵ CEO made roughly $7 million last year. With shareholders and workers suffering through a pandemic-induced recession, David Nicklaus and Jim Gallagher debate how much the big boss's pay should be reduced.
Olin froze executives' salaries last year but gave them a special stock award, equal to about 3% of base pay, to offset the effect of the freeze. The company noted that it didn't adjust bonus targets to reflect effects of the coronavirus pandemic.
The hiring-bonus stock award for Sutton, who previously ran minerals producer Prince International, is tied to Olin's stock price. It's worth nothing unless the stock tops $25 for 45 consecutive days, and only hits the $1 million target value if the shares reach $40 by 2023. Olin shares traded at $29.80 Friday morning and have been above $25 for 24 days.
Olin, a Clayton-based chemical and ammunition manufacturer, posted a $969.9 million net loss last year but its share price rose 42%.
Olin calculated that its CEO earned 92 times as much as a typical employee. It said median pay was $105,076 for its 8,325 employees.
Here's what other ºüÀêÊÓƵ CEOs earned in 2019:
Meet the 26 top-paid CEOs in ºüÀêÊÓƵ
26. Foresight Energy
Foresight Energy filed for Chapter 11 bankruptcy relief in March, joining Murray Energy, its parent coal company, in efforts to restructure amid continued industry turbulence.
25. Allied Healthcare Products
The medical supplies manufacturer is based on Sublette Avenue; the shares nearly tripled in value over two days in spring 2020.
24. Huttig Building Products
23. Enterprise Financial Services
Lally earned 20 times as much as the median Enterprise Financial employee. The bank calculated a median of $67,305 for its workers.
22. Avadel Pharmaceuticals
21. Build-A-Bear
Sharon John received more in 2019 than the previous year, but has taken a salary cut this year.
20. BellRing Brands
BellRing Brands is Post Holding’s active nutrition business. Its initial public offering was in October 2018.
19. Arch Coal
Eaves earned 28 times as much as Arch's median employee, whose pay the company calculates at $106,668. He is retiring effective April 30.
18. Cass Information Systems
17. Commerce Bancshares
Kemper earned 63 times as much as the median Commerce employee. The company calculated median pay of $58,414 for its 4,755 full-time, part-time and seasonal workers.
16. Aegion Corporation
In March 2020, the company announced that its CEO would take a 100% cash wage reduction; his base salary is nearly $707,000
15. Esco Technologies
14. Spire
Sitherwood earned 44 times as much as the median Spire employee. Median pay for the company's 3,536 workers was $103,826.
13. Perficient
Davis earned 61 times as much as the median Perficient employee. Median pay for the company's 3,000 workers was $98,094.
12. Energizer
Hoskins earned 192 times as much as his median employee, whose pay Energizer calculated at $35,464.
Energizer is a Fortune 1000 company.
11. Caleres
The median Caleres employee earned $23,767 last year, so Sullivan made 288 times as much as the typical worker. Caleres noted that a large number of its 11,379 employees are part-time, temporary or seasonal.
Caleres is a Fortune 1000 company.
10. Olin
Olin calculates that Fischer earned 67 times much as its median employee, whom it described as a lab technician earning $107,139.
Olin is a Fortune 500 company.
9. Belden
Stroup earned 177 times as much as Belden's median worker, whose pay was calculated at $42,232.
Belden is a Fortune 1000 company.
8. Peabody Energy
Peabody's median employee earned $113,592, so Kellow's pay was 67 times as high as that of a typical worker.
Peabody was a Fortune 500 company, but recently fell to a Fortune 1000 company.
7. Reinsurance Group
Manning earned 72 times as much as the median Reinsurance Group employee. The company calculated median pay of $113,479 for its 3,426 employees.
Reinsurance Group is a Fortune 500 company.
6. Stifel
Kruszewski earned 84 times as much as the median Stifel employee. The company calculated median pay of $97,326 for 9,960 employees.
Stifel Financial is on the Fortune 1000 list.
5. Ameren
Baxter earned 66 times as much as the median Ameren employee, whose pay the company calculated at $147,127.
Ameren is a Fortune 500 company.
4. Post Holdings
Vitale earned 169 times as much as a typical Post worker. The Brentwood-based food company calculated that its median employee earned $67,082.
Post Holdings is a Fortune 500 company.
3. Bunge
* The CEO was named as acting CEO on January 2019, so his previous salary wasn't used for the increase.
Bunge moved headquarters from New York to Chesterfield in the summer of 2019.
Bunge is a Fortune 500 company.
2. Emerson
An activist hedge fund urged Emerson to split the company, sparking a review of its operations and structure. The company will remain whole, but is implementing cost-saving measures.
Emerson is a Fortune 500 company.
1. Centene
The company calculates that Neidorff earned 383 times as much as its median employee, who earned $68,897.
Centene is a Fortune 500 company.
