Paul Finkelstein, the chairman, president and CEO of hair salon giant Regis, received $7.6 million in total compensation in fiscal year 2009, up 89 percent from the $4 million he received in 2008. Finkelstein’s base salary raise was modest, up about 6 percent to $1.21 million from $1.14 million in 2008. However, the biggest boost to his compensation came from the change in present value of benefits under company pension plans, which was $3.9 million in 2009, compared to zero in 2008, said the Minneapolis/St. Paul Business Journal. Regis recognized expenses of $1.7 million for Finkelstein’s stock awards, compared to $1.6 million a year ago; and $212,300 for his option awards, up from the $159,500 expensed in 2008. His cash incentives shrank this year to $343,500, down from $825,000 a year ago. All other compensation declined to $308,300 from $322,000. Finkelstein, 67, became president and CEO of Regis in 1996, and chairman in 2004. In fiscal 2009, which ended June 30, Regis reported revenue of $2.43 billion, down from $2.48 billion in 2008. The company’s net income also slid last year, to a loss of $124 million, or $2.89 per diluted share, compared to a profit of $85.2 million, or $1.95 per share, in fiscal 2008. Regis owns beauty salons, hair restoration centers and provides cosmetology education. The company owns, franchises or holds ownership interests in over 12,800 worldwide locations.
Regis’ CEO Benefits from 89% Hike in Comp
Finkelstein’s base salary raise was modest, up about 6 percent to $1.21 million from $1.14 million in 2008. However, the biggest boost to his compensation came from the change in present value of benefits under company pension plans.
September 16, 2009