No need for executives at Tennessee Commerce Bancorp Inc. to cower when compensation consultants took a look.
Arthur F. Helf, the bank's chairman and C.E.O., got a 110.5 percent raise -- to $400,000 up from $190,000 he was paid last year. Three other top executives also won hefty raises, ranging from 94.4 percent to 157.6 percent over their previous pay.
But three of the Franklin, Tennessee, bank's directors thought the raises were over the top. Although they had been with the bank since it was founded seven years ago, they resigned to protest the higher compensation.
Helf said he was sorry to see retired Genesco Inc. executive Fowler H. Low, T.W. Frierson Construction and Design Systems executive Winston C. Hickman and STAR Physical Therapy president Regg E. Swanson depart the 13-member board at the bank, which serves small and mid-size businesses nationwide.
See full Article.
Posts
