Kevin Hall, the new chief executive of Unifi Inc., received the bulk of his $2.38 million in fiscal 2017 compensation in stock and option awards, the Greensboro yarn manufacturer reported Wednesday in a regulatory filing.
Unifi has its largest U.S. production plant in Yadkinville with about 1,000 employees. It also has more than 250 employees at a plastic bottle processing plant in Reidsville.
Hall, 58, and a veteran textile executive, took over as Unifi's chief executive on May 19, about five weeks before the manufacturer's fiscal year ended June 25.
Hall received $75,000 in salary for the fiscal year, representing 9.7 percent of his annual base salary of $775,000. He received stock and option awards valued at $2.29 million on the date they were awarded.
The company said Hall was not eligible for incentive pay in fiscal 2017. Hall received $14,750 in all other compensation, which consisted primarily of $11,918 in relocation assistance benefits and $2.385 in matching 401(k) plan contribution.
Unifi Inc. finished fiscal 2017 on a positive, but nearly flat, financial note with its recycled yarn product Repreve preparing to exceed 40 percent of its revenue mix.
The company reported full-year net income of $32.9 million, down 4.5 percent from fiscal 2016. When excluding a $1.66 million loss on the sale of a business, adjusted net income was up 0.3 percent to $34.5 million.
Thomas Caudle Jr. was promoted to president in April 2016 as part of an abrupt management shakeup that saw the retirement of Bill Jasper as chairman and chief executive and resignation of Roger Berrier Jr. as president.
Caudle served as Unifi's top executive until Hall was hired.
Caudle received $836,884 in salary for fiscal 2017, along with $638,138 in incentive pay, stock and option awards valued at $2.29 million on the day they were awarded, and $94,718 in all other compensation - $53,285 in company contributions to a supplemental executive retirement plan, $30,495 for life insurance and $10,938 in matching 401(k) plan contribution.
Sean Goodman, the company's former chief financial officer, received $478,847 in salary, $347,344 in incentive pay and total compensation of $1.3 million. Goodman resigned his duties June 25 to take a job with another company. He received $257,283 in relocation assistance benefits as part of $372,721 in all other compensation.
Unifi announced on Sept. 5 the hiring of Jeffrey Ackerman as chief financial officer, effective immediately.
Unifi listed in a regulatory filing that Ackerman's annual base salary would be $480,000, and he would be eligible to receive a bonus representing either 37.5 percent, 75 percent or 150 percent of his base salary.
Unifi will conduct its 2017 shareholder meeting on Oct. 25 in New York City. There are no shareholder proposals on the agenda.
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