PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Resource Guide Extreme Temperatures

Paint and Coatings Industry News

Main News Page


Valspar to Pay Retiring CEO for FY11

Tuesday, April 19, 2011

More items for Coating Materials

Comment | More

Outgoing Valspar Corp. CEO William Mansfield will continue to receive his $950,000 salary through the end of the paint and coatings company's fiscal year.

In a Transition Agreement and Release filed Monday (April 18) with the Securities and Exchange Commission, the Minneapolis-based company reported that Mansfield would be eligible to receive up to 200 percent of his pay in the form of a cash bonus based on Valspar’s financial performance through Oct. 31, the end of fiscal 2011.
 
 William Mansfield
William Mansfield will leave his position as CEO on June 1, but receive his salary through Oct. 31.
 
Valspar announced in February that Gary Hendrickson, 54, Valspar's president and chief operating officer, would succeed Mansfield, 62, as CEO on June 1. Mansfield remains chairman of the board.

Cash Award Target: $1.8M

Under the transition agreement, Mansfield is eligible to receive a “cash award” in lieu of restricted stock for the rest of the fiscal year. The target level for this award is $1.8 million, with the actual payout ranging from 0 to 125 percent of the target level, “depending on the achievement of the same performance goals applicable to his annual cash bonus.”

Mansfield also will become fully vested in outstanding stock options and restricted stock awards as of his retirement date. Although he will retire as a Valspar employee on Oct. 31, 2011, he will remain chairman of the board until the board elects a new chair “or such other date as is mutually agreed by Mr. Mansfield and the Board,” the agreement states.

Mansfield joined Valspar in 1977 as purchasing manager. He has been chairman of Valspar’s board since 2007, CEO of the company since 2005, and president from 2005 through 2008.  He holds a B.S. in Engineering from Drexel University and an M.B.A. from Lehigh University.

Coatings Decline
Valspar reported a strong first quarter (ended Jan. 28) overall, with a 25.3 percent increase in sales over the first quarter of FY 2010. But Mansfield expressed “concern, uncertainty and hopefulness” over the 0.8 percent quarterly decline in the coatings segment.

The company’s FY 2010 sales totaled $3.2 billion, a 12.1 percent increase over the previous fiscal year. Valspar’s stock has recently been trading at all-time highs.
 
Mansfield’s total compensation for the year ended Oct. 30, 2010, was $4,544,181, according to the Minneapolis Star Tribune.

Valspar, founded in 1806, manufactures paints and coatings for the consumer market, packaging coatings, wood coatings, industrial coatings, automotive coatings and refinishing systems, and coating intermediates.

   

Tagged categories: Business operations; Personnel; Personnel changes; Valspar

Comment from Tom Schwerdt, (4/26/2011, 8:49 AM)

I've never understood what the legitimate reason would be to have the CEO also on the board of a publicly-traded company, let alone the chair. The CEO is supposed to be responsible for day-to-day operations. The board is supposed to be responsible for oversight of the company (including especially the CEO!) on behalf of the stockholders. When you combine them, you have the CEO performing oversight on himself!


Comment from Otis Hale, (4/27/2011, 7:50 AM)

No hired help in the world is worth over four and a half million dollars a year.


Comment Join the Conversation:

Sign in to our community to add your comments.

International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Mitsubishi Gas Chemical America
    Performance Amine 1,3-BAC

    A highly reactive cycloaliphatic diamine offering superior performance. Reasonable cost and curing efficacy makes it suitable for all types of epoxy resin applications.


    Sherwin-Williams
    Nova-Plate® 325

    • Extends Service Life
    • Single Coat Application
    • Cure to Service in 24 Hours


    Wasser High-Tech Coatings Inc.
    Wasser Coatings Protect

    some of the most important bridges in the country; learn about our NEPCOAT-approved system and our entire range of MCU & Polyurea coatings. 1-800-627-2968 www.wassercoatings.com


    Polyval Coatings
    Polyflex® Polyurea Linings

    exhibit outstanding versatility in use; providing abrasion resistance, superior seamless waterproofing and high-chem corrosion protection. www.polyflexlinings.com


    BASF
    New resins from BASF will have metals loving water:

    Excellent corrosion resistance, low VOC, high gloss, thin films basf.us/industrialcoatings
    polyorders@basf.com
    800-231-7868


    Spider, a Division of SafeWorks, LLC
    Spider’s Competent Person Training

    What will Spider’s CPT class do for you?
    • OSHA compliance
    • Increased productivity
    • Improved safety
       awareness
    • Fewer accident-related
       costs
    Call 877-774-3370 or click for classes near you.

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker JPCL Europe

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com