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PHILADELPHIA -- As Sunoco Inc. undergoes a changing of the guard, details have emerged outlining compensation for the company’s top executives.
In a Securities and Exchange (SEC) filing yesterday, Sunoco reported that its board of directors’ compensation committee approved new compensation packages for former CEO Lynn Elsenhans, newly appointed CEO Brian MacDonald, and Michael J. Colavita, now vice president and interim CFO. The packages became effective March 1.
Elsenhans stepped down as president and CEO on March 1. She will remain as chairman of the company's board until May 3. According to the filing, her base salary will continue to be $1,277,200 on an annualized basis, and her target annual cash incentive opportunity will continue to be 135 percent of her base salary.
MacDonald, who has moved from senior vice president and CFO to the top post of president and CEO, will earn a base salary of $1 million per year, and his target annual cash incentive opportunity will be 145 percent of his base salary, according to the SEC filing. The board's compensation committee also approved equity incentive grants to McDonald, made pursuant to the company's Long-Term Performance Enhancement Plan III ("LTPEP III"), to be settled in the form of company common stock.
In addition, MacDonald has free parking at Sunoco's headquarters and reasonable limited personal use of the corporate aircraft for reasons of safety and security, the filing noted.
Also in connection with the leadership changes, Colavita has moved from vice president, finance, refining and supply to now vice president and interim CFO. He held his previous title since 2009 and served as Sunoco's treasurer from 2008 to 2009. His company experience also includes serving as director, planning and financial analysis of Sunoco Marketing (2003 to 2008), and vice president, planning and business development at SunCoke Energy Inc. (2001 to 2003).
In his new role, Colavita will earn a base salary of $253,420 per year and his target annual cash incentive opportunity will be 35 percent of his base salary. The board's compensation committee also approved equity incentive grants to Colavita, pursuant to the LTPEP III, to be settled in the form of company common stock.