MarineMax execs rewarded for strong year

CLEARWATER, Fla. – MarineMax Inc. rewarded its chief executive officer, William McGill Jr., with a $1.1 million bonus in 2004 and gave bonuses exceeding $400,000 to other senior executives after a strong sales year in 2004, the Tampa Tribune reported in a story today.

The boat retailing chain also granted stock options worth millions more to McGill and four other executives, reported the company’s proxy report to investors, filed Tuesday with the U.S. Securities and Exchange Commission, according to the newspaper.
McGill earned a $400,000 base salary and a bonus of $1.13 million this year, for total cash compensation of $1.5 million. MarineMax’s board of directors also granted him options to purchase 80,000 shares of MarineMax stock at a price of $17.80 per share, the Tribune reported.

Other executives also received bonuses significantly higher than their salaries this year. Among them are Chief Financial Officer Michael McLamb, who earned a salary of $225,000 and bonus of $413,000, and Vice President Edward Russell, who earned a salary of $150,000 and bonus of $494,000, the Tribune said.

McLamb told the newspaper that the company pays its executives a lower-than-average salary for their positions and makes up for the shortfall with bonuses that reflect the company’s performance.

“If our company does not do well, our compensation drops as well,” McLamb said.

The company’s sales and profits were up significantly this year, with sales at the company’s 67 boat dealerships up to $762 million in fiscal year 2004 ending Sept. 30, from $607.5 million a year ago, a 25- percent jump. Profits rose 34 percent to $26.3 million in fiscal 2004, up from $19.7 million a year ago.

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