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Big Demands, Big Rewards

What Hawaii’s Top Execs Are Paid

(page 2 of 5)

ALEXANDER & BALDWIN, INC. (No. 4 on the Top 250)

W. Allen Doane
Chair
(succeeded by Walter A. Dods Jr. on Jan. 1, 2010)
(Directors who are employees of A&B or its subsidiaries do not receive compensation for their board service.)

W. Allen Doane
CEO
(succeeded by Stanley Kuriyama on Jan. 1, 2010)

Salary: $803,250
Stock awards: $1,749,750
Bonus: $0
Nonequity incentive plan comp.: $222,000
Other comp.: $22,770 1
Total: $2,797,770

1 “Other compensation” could be anything from an auto allowance to health/country club fees, travel reimbursement, parking, charitable contributions under the company’s matching gifts program, and other company perquisites.
 

Walter A. Dods Jr.
Highest paid director

Fees earned or paid in cash: $100,400
Stock awards: $100,007
Other comp.: $3,000
Total: $203,407
 

Directors:
W. Blake Baird
Michael Chun
Walter A. Dods Jr.
Charles King
Constance Lau
Douglas Pasquale
Maryanna Shaw
Jeffrey Watanabe

Breakdown of A&B’s nonemployee directors’ annual retainers and meeting fees:
Director: $33,000
Compensation and nominating committee chairs: $7,500
Audit committee chair: $12,000
Lead independent director: $20,000 (Most companies that have a chairman of the board who is also the CEO appoint a lead independent director.)
Board meeting fee: $1,500
Committee meeting fee: $1,500
All directors of A&B also served as directors of the company’s Matson subsidiary and received attendance fees of $1,200 per Matson board meeting.
 


HAWAIIAN AIRLINES, INC. (No. 5 on the Top 250)

Lawrence Hershfield
Board chair

Fees earned or paid in cash: $56,665
Stock awards: $145,700
Other compensation: $8,352
Total: $210,717
 

Mark Dunkerley
CEO

Salary: $580,000
Bonus: $0
Stock awards: $0
Nonequity incentive plan comp.: $1,160,000
Other compensation: $65,268 2
Total: $1,805,268

2 Amount includes $40,408 to Dunkerley’s 401(k) account, a car allowance of $12,000, travel reimbursements and miscellaneous personal benefits.
 

Randall Jenson
Highest paid director

Fees earned or paid in cash: $35,000
Stock awards: $36,864
Other compensation: $33,707 3
Total: $105,571

3 Represents personal travel expenses.
 

Directors:
Gregory Anderson
L. Todd Budge
Donald Carty
Randall Jenson
Sean Kim
Bert T. Kobayashi Jr.
Crystal Rose
William Swelbar
Duane Woerth

Dunkerley’s contract pays him a base salary of $580,000 a year. He is also entitled to an annual incentive of 100 percent of his salary for satisfactory performance or up to 200 percent if he meets targets established by the compensation committee. He got the 200 percent payment – which totaled $1,160,000.

Hawaiian says its compensation strategies are crucial to retaining key employees in the highly competitive airline industry.

Hawaiian Air’s nonemployee directors’ annual retainers and meeting fees:
Director: $35,000
Meeting fee: $1,000 ($500 for each meeting attended by telephone plus $500 for each meeting attended in excess of eight meetings, whether in person or by phone). The board held eight formal meetings in 2009.
Audit committee chair: $15,000
Compensation committee chair: $10,000
Governance and nominating committee chair: $2,000
Members of the audit committee and compensation committee receive an additional retainer of $5,000.
(Effective Jan. 1, 2010, each nonemployee director’s annual retainer fee will increase to $45,000 plus $1,500 for each board meeting attended in person.)
 

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