WATSONVILLE, Calif. - The Board of Directors for boating supplies retail chain West Marine Inc. has determined the base salary for its CEO and two of its vice presidents, according to an SEC document filed yesterday.
CEO Peter Harris will receive $800,000 over the course of the year, while Eric Nelson, senior vice president and chief financial officer, will receive $300,000 and Bruce Edwards, senior vice president of Stores Division, will receive $339,900.
In addition, the Governance and Compensation Committee of the Board of Directors has approved the performance criteria and relative weighting of each criterion that will be used to determine cash bonus awards for West Marine's executive officers for fiscal year 2006, according to the company.
West Marine's executive officers are eligible to receive a cash bonus based on the achievement by West Marine of certain pre-established financial objectives. For fiscal year 2006, executive bonus awards will be based on the overall growth of West Marine's net income and comparable store sales. If West Marine's fiscal year 2006 net income exceeds a pre-established threshold, West Marine's executive officers will receive 100 percent of their target bonuses. If, however, West Marine's fiscal year 2006 net income fails to exceed the pre-established threshold, West Marine's executive officers will not be eligible to receive a bonus, the company reported.
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