Forum for Shareholders of Crowley Maritime Corporation

Forum Home Page

Resolution of Shareholder Interests

In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

Crowley Home Page

Crowley Archive Reference

 

The article copied below appeared in TradeWinds, the shipping industry publication. The weekly paper and its associated web site provide regular coverage of developments concerning Crowley Maritime and other water transportation companies.

 

 

 

Crowley bonus bucks

 

 Tom Crowley is paying a total of $1m in extra compensation to four top execs of Crowley Maritime and twice that to himself.

 

Jones Act major Crowley Maritime is paying around $1m in extra compensation to four top execs and over $2m to chairman, chief executive, president and principal shareholder Tom Crowley.

 

Crowley Maritime disclosed the sums in a filing with US securities regulators today.

 

The money comes in the form of performance-related bonuses and deferred compensation, both of which are based on criteria related to company and individual performance.

 

Crowley chairman of the board, president and chief executive officer Thomas B Crowley, Jr, will receive an annual bonus of some $899,000 plus $1,185,000 in deferred compensation for 2005. For 2006, Crowley’s base salary rises from $817,000 to $846,000. Next year’s bonus and deferred compensation can mount up to 145% and 180% of base salary, respectively.

 

Crowley executives earning less than $1m per year will have to settle for up to 90% of base salary in both categories.

 

For 2005, William Pennella, Crowley executive vice president and board vice chairman, is set to receive a $253,000 bonus plus $200,000 deferred compensation.

 

Former general counsel and senior vice president William Verdon receives $127,000 and $140,000. Verdon retired at year's end and joined the Crowley board but is still retained by Crowley at the annual equivalent of $200,000.

 

Two senior vice presidents, Susan Rodgers and controller John Calvin, receive in total some $181,000 and $171,000 respectively for 2005.

 

By Bob Rust in Stamford

 

published: 20:29 GMT, 13 March 2006 | last updated: 20:35 GMT, 13 March 2006 

 

 

The Forum is open to all Crowley shareholders, whether institutional or individual, and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, as described in the Forum Summary.

There is no charge for participation.  As stated in the Conditions of Participation, participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

Inquiries and requests to be included in the Forum's distribution list may be addressed to cwlm@shareholderforum.com.

All material on this web site is published by Gary Lutin, who is responsible for conducting the Forum.