GTAT pays $300k to help CEO buy N.C. home


GT Advanced Technologies agreed to spend $300,000 to compensate its CEO for the cost of a second home in North Carolina and pay another executive up to an extra $378,000 a year to live and send his kids to school in Hong Kong, the Nashua-based company disclosed Friday.Tom Gutierrez, president and CEO of GTAT will maintain a permanent residence in New Hampshire, according to the company's filing with the U.S. Securities and Exchange. But Gutierrez -- who moved to New Hampshire shortly after the company hired him in the fall of 2009 -- will be establishing a residence in North Carolina to be near his family.The $300,000 one-time payment covers his real estate fees, moving costs, travel, temporary living and miscellaneous expenses. Gutierrez received $6.36 million in compensation - including a base salary of $725,000 -- in fiscal year 2012.Meanwhile, David Keck, executive vice president and general manager, polysilicon and photovoltaic equipment, moved from Montana to Hong Kong at the beginning of this year.Keck will receive a housing alliance and monthly stipend of $26,500 a month, plus a total not to exceed $60,000 a year to educate his two children in Hong Kong. That totals $378,000.GTAT also agreed to pay Keck $8,000 to move to Hong Kong, a $20,000 relocation allowance to establish a residence in Hong Kong, and $15,000 to move back to the United States at the end of his sojourn, plus a free annual trip for his him and his family to visit the United States.GTAT will also foot the bill for any extra taxes he would have to pay because of the Asian residence. Keck, who started working for the company in 2006, was paid $2.6 million in compensation in fiscal 2012, and his base salary in 2013 will be $375,000, according to the disclosure.Both executives would have to pay some of this money back if they leave the company, depending on the circumstances of their parting.GTAT laid off about a quarter of its workforce last fall, citing an economic slowdown, particularly in the solar industry. In December, it forecast that it would lose about 10 cents a share for its last quarter, and it downgraded its forecast for the year.Despite these setbacks, the company expected to report annual revenue of more than $725 million for calendar 2012, and more than $500 million in 2013.It predicted next year's earnings per share would be between a 25 and 45 cents. - BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW
Edit Module
Edit ModuleShow Tags
Edit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags