GT Solar execs' FY11 pay: $14.6m



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GT Solar International paid its top five executives a total of $14.6 million in compensation in fiscal year 2011 -- a nearly 40 percent increase, despite a decrease in pay to its chief executive -- according to a proxy statement filed Tuesday.All of the executives at the Merrimack-based company received salary increases for fiscal 2012.CEO Thomas Gutierrez earned $4.7 million in 2011, down from $5.3 million -- even though Gutierrez worked the entire fiscal '11, while only working five months of the previous year.Gutierrez earned $600,000 in salary -- nearly three times the amount he earned the previous year -- but in fiscal 2010, he benefited from some generous stock awards. In fiscal 2012, Gutierrez base salary increased to $725,000.Chief financial officer Richard Gaynor, who also worked a few months in fiscal '10, earned $1.6 million in his first full year, up from $1.5 million.Compensation for Jeff Ford, vice president of the photovoltaic and sapphire equipment division, more than tripled to $2.5 million in 2011.David Keck, vice president and general manager, polysilicon, pulled in $2.8 million, up from $1.9 million.David Gray, vice president of strategic development, earned slightly less than $3 million, up from slightly less than $1 million.GT Solar posted net income of $175 million in fiscal 2011, more than double the amount it earned in 2010. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags