Colorado Springs News, Sports & Business

Compensation leapt in 2013 for Colorado Springs-based public firm leaders

By Wayne Heilman Updated: June 1, 2014 at 10:57 am 0

Last year was a banner year if you happened to be a CEO of one of the three public companies based in Colorado Springs.

Compensation last year for the CEOs of Century Casinos Inc., Gold Resource Corp. and Spectranetics Corp. - the only local companies with stock traded on major exchanges - surged 43.5 percent from 2012 to $5.12 million. It was the biggest annual increase since a 68.6 percent jump in 2009, according to proxy statements filed by the companies with the Securities and Exchange Commission.

Compensation includes salary, bonuses, stock options and other benefits.

The biggest raise went to Spectranetics CEO Scott Drake, whose compensation soared 81.6 percent to $2.95 million, with nearly all of the increase coming in stock options and awards. According to the statements, he received stock awards valued at $728,675 and option awards valued at $1.08 million, more than triple the option awards valued at $581,400 that he received in 2012. Spectranetics shares jumped 69.3 percent last year to finish 2013 at $25 after doubling in 2012.

Jason Reid, who became CEO of Gold Resource in October, saw his compensation jump 75 percent from 2012 to $778,291, but nearly all of the increase came from stock option awards valued at $315,054. Former CEO and company co-founder William Reid, who is Jason Reid's father and retired in September, received compensation totaling $625,213 in 2012, which more than tripled last year to $2.33 million, mostly from a one-time $1.8 million retirement payment. Gold Resource shares fell 68.5 percent last year to $4.56 as gold prices fell 27 percent.

Century co-CEOs Erwin Haitzmann and Peter Hoetzinger received compensation increases of 5.5 percent and 5.8 percent, respectively, to $704,375 and $690,836. Both executives received a raise of $36,800 in salary, but their bonuses and other compensation remained virtually unchanged. Century's stock jumped 83.5 percent last year to $5.21.

Stockholders in the three companies will get to vote on executive compensation during annual meetings scheduled later this month, though none of the votes are binding. Spectranetics shareholders meet June 10 at the company's offices; Century's stockholders meet online on June 12 and Gold Resource stockholders meet June 19 in Golden.

Local CEO pay has alternated between declines and increases since 2007, with compensation declining 5.6 percent in 2012.

The $5.12 million combined compensation of the four CEOs is still down 12.9 percent from its 2007 peak of $5.88 million.

The number of CEOs of local publicly traded companies will expand later this year when Exelis Inc. spins off its Colorado Springs-based Mission Systems Division as a separate company called Vectrus that will dwarf the combined size of the other three companies. Kenneth Hunzeker, a retired Army lieutenant general who will be CEO of Vectrus, earned compensation at Exelis totaling $1.33 million last year, including $81,600 in moving expenses when he relocated to the Springs.

Although local CEOs got a bigger raise than most of their counterparts across the country, they earn only a fraction of the median for CEOs of companies whose stock is part of the Standard & Poor's 500 index. The median pay package for the head of a S&P 500 company rose 8.8 percent from 2012 to $10.5 million last year.

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Contact Wayne Heilman: 636-0234

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