Bottomline Tech execs take a pay cut
Money-losing year results in about $1 million less in their pay packages
Bottomline Technologies Inc.’s top executives had their own bottom lines cut for the fiscal year that ended June 30.
The three executives’ compensation packages fell to a total just short of $4 million, compared to fiscal 2012, when they were paid more than $5 million. The eight-member board that approved the compensation also paid themselves a little more than a total of $1 million.
Board Chairman Joseph Mullen earned $227,000, as part of a deal dating back to 2010.
CEO Robert Eberle’s $2.3 million salary was about $700,000 lower than last year, nearly all due to a drop in his stock awards. His salary remained the same, and he did not receive a bonus. The package for Nigel K. Savory, managing director of Europe, was slightly under a $1 million, and chief financial officer Kevin Donovan’s pay just topped $625,000. Both Savory and Donovan’s packages were about $250,000 less than the previous year.
Meanwhile, the company posted a $14.4 million net loss last year, or about 41 cents a share, even though revenues were up and the company had enough cash to pay $109 million in buying two European firms in August.