FAIRHAVEN – Former Acushnet Holding Corp. President and CEO Walter “Wally” Uihlein saw a 79.8 percent decrease in his compensation from 2016 to 2017, according to the company’s proxy statement released last week to shareholders.
Uihlein, who retired as top executive of the prominent golf product designer and manufacturer on Jan. 1, received $3.95 million in total compensation in 2017, compared with the $19.5 million he earned the year before. Despite the decline in total compensation, Uihlein’s salary increased by 3 percent from year to year – to $1.12 million in 2017 from $1.09 million in 2016. He received no bonuses or stock awards in his final year with the company, which was primarily responsible for the decrease in compensation.
In 2016, Uihlein received a $7.5 million cash bonus as “consideration for past performance” as Acushnet’s president and CEO, the proxy statement reads. He also received $9.5 million in stock awards in 2016 – the only time within the most-recent three-year period Uihlein received any stock awards.
Uihlein also saw a 4.8 percent decline in nonequity incentive plan compensation from year to year, to $1.3 million last year.
The former Acushnet president and CEO did see a significant change in pension value and nonqualified deferred compensation last year from 2016. He received $1.4 million in 2017 as opposed to the $15,843 in 2016. According to the proxy statement, the figure represents changes in the “present value of retirement benefits.”
Uihlein also received $181,345 in all other compensation, including $77,106 in life insurance premiums from Acushnet and a $33,883 tax gross-up payment from the company related to investment income earned in Uihlein’s supplemental executive retirement plan, in 2017 – a 56 percent increase from 2016.
Other top executives at Acushnet also saw declines in their compensation in 2017.
- William Burke, the company’s executive vice president, chief financial officer and treasurer, received $1.7 million in total compensation, a 62.9 percent drop from 2016.
- David Maher, the company’s new president and CEO, previously the company’s chief operating officer, received $1.4 million last year, a decline of 64.6 percent year over year.
- Joseph Nauman, Acushnet’s executive vice president, and chief legal and administrative officer, saw a 71.8 percent decrease in compensation to $1.2 million last year.
The compensation declines for Burke, Maher and Nauman were due to the three not receiving stock awards in 2017 – they each received more than $3 million in 2016.
Brendan Gibbons, the company’s executive vice president, chief legal officer and corporate secretary, received $1.2 million in compensation last year. Gibbons began with the company on Dec. 4, 2017.
While the executives’ compensation decreased, profits at Acushnet rose by more than double in 2017. According to the annual report from Acushnet – which designs and manufactures products from golf brands Titleist and FootJoy – reported $96.6 million in net income last year, an increase of 95.1 percent over the year.
Shareholders will vote on the compensation Monday, June 11, at 9 a.m. at Acushnet’s Fairhaven facility, 33 Bridge St. The meeting will also be webcast at virtualshareholdermeeting.com/GOLF2018.
James Bessette is a PBN staff writer. Email him at Research@PBN.com.
