Will another chief executive soon be out in the cold? With help from governance specialists Glass, Lewis & Co. LLC, the CEO See-Ya squad has spotted this month’s candidate for career change.
Great Lakes Chemical Corp.
CEO: Mark P. Bulriss
Tenure: 5 years
Total Shareholder Return*: -45.0%
Peer Index Return*: 0.8%
S&P 500 Index Return*: -7.7%
Total Pay**: $8.9 million
A former GE star and Larry Bossidy protege at AlliedSignal, Bulriss took the helm at Great Lakes in 1998 amid great expectations. But his long- promised recovery hasn’t materialized. Revenue and earnings remain below 1999 levels. And under pressure, Great Lakes agreed in November to stop producing some of its flame retardants for furniture, linked in some animal tests to brain development problems in unborn babies. Bulriss’s pay isn’t way out of line. But of 12 equity analysts surveyed by Thomson Financial Network, none rates the company higher than a hold.
*Data from Glass, Lewis & Co. and FactSet Research Systems for five years ending November 7, 2003. Peer index return includes companies with the same SIC code. Split-adjusted, includes dividend readjustment.
**Total compensation includes salary, bonus, stock-option exercises, and all other long-term compensation for the past five years, excepting the value of options granted but not exercised.FCS