Westport, Conn.-based Terex Corp. last week announced it will restore in January the 10-percent pay cut implemented earlier this year on the company’s executives. The company said it will also provide additional raises to offset the elimination of compensation for cars, club dues and other executive perks.
Chairman and CEO Ron DeFeo, according to a regulatory filing, will accept the pay raise, but will forgo the 10-percent restoration of his salary. The other top executives affected by the 10-percent pay cut in March were Thomas Riordan, president and chief operating officer; Phillip Widman, chief financial officer; Timothy Ford, president of the aerial work platform segment; and Richard Nichols, president of the crane business.
The restoration of the pay cut will restore the executives’ salaries to the same level as year-end 2008. DeFeo’s 2010 base salary will be 1.3-percent less than his 2008 salary.