Matthew J. Espe
The top executive at Armstrong World Industries saw his pay drop 53 percent in 2011.
But he still did OK.
Matthew J. Espe, president and chief executive officer, received $5.0 million in total compensation last year.
That was a sharp drop from 2010's $10.6 million, but that sum had bonuses, restricted stock and stock options tied to his arrival that July.
Espe's 2011 compensation included $980,000 in salary, $3.0 million in stock and stock options, and $989,000 from a management incentive program.
Armstrong disclosed the pay for its top five executives on Wednesday when it released its proxy statement for its June 22 annual meeting.
Armstrong, a global maker of floors, ceilings and cabinets, will hold the annual meeting at 8 a.m. at its 2500 Columbia Ave. headquarters.
Shareholders will be asked to re-elect the 12 Armstrong board members and reappoint KPMG as the company's independent accountant.
In discussing its executive pay levels, Armstrong noted that the pay is largely based on company performance.
Armstrong added that it compares its executive pay to the executive pay at 16 peer companies "for reasonableness."
Espe wasn't the only executive to see his pay tumble in 2011.
Armstrong Chief Financial Officer Thomas B. Mangas also saw his pay decline significantly — and for the same reason.
His pay in 2011 was $2.0 million, down 50 percent from $4.0 million the prior year, which was boosted by a bonus, restricted stock and stock options tied to his arrival that February.
Here are the other top executives at Armstrong, and their 2011 compensation:
• Frank J. Ready, chief executive officer of Armstrong Floor Products, $2.7 million.
• Victor D. Grizzle, chief executive officer of Armstrong Building Products, $2.0 million.
• Donald R. Maier, senior vice president of global operations excellence, $1.6 million.
