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CEO's Pay Down as CBIZ Cuts Bonuses E-mail
Written by The Progressive Accountant   
Wednesday, 21 April 2010 03:05

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Steven GerardSteven Gerard, CEO of CBIZ, had a 1 percent decline in total compensation for 2009 as the company cut his bonus for the year by 54.7 percent. Gerard, like other executives whose bonuses also were reduced, made up some ground with a base salary increase. He ended last year with $2.29 million in compensation, down from $2.54 million in 2008. The difference came largely from the size of his bonus, $179,810,  down from $397,250 the prior year. Similarly, president and CEO Jerome P. Grisko, Jr., had a 5.5-percent drop in compensation and a 35.5 decline in his bonus last year. His 2009 compensation was $1.48 million, down from $1.57 million, while his bonus fell to $114,760, down from $178,000.

CFO Ware Grove had 2009 compensation of $1.05 million, down from $1.08 million, and Robert O'Byrne, president of employee services, saw his pay drop to $1.03 million from $1.09 million. Grove received a 2009 bonus of $28,320, down from $66,500.

The winner among the executives was David Sibits, president of financial services. Sibits's compensation rose to $1.046 million, a 10-percent increase from $950,465 for 2008. That boost was primarily because of an increased stock opstons awarded. Sibits, president of the company's financial services operations, had $177,120 in option awards last year, compared to $79,500 in 2008

Neither O'Byrne nor Sibits received bonuses, but that was not a major source of income for either in 2008. All executives received increases in base pay ranging from $15,000 to $25,000 annually.


The Progressive Accountant
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