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Knoll Executives Reap Huge Cash Bonuses

Tuesday 10 February 2009

Job cuts, layoffs, firings, reduced salary, all part of today\'s office furniture manufacturing landscape. That landscape doesn\'t however seem to extend to Knoll, a manufacturer that appears to be gaining marketshare as the other companies lose it. In a filing with the SEC Tuesday, the Compensation Committee of Knoll and their Board of Directors, approved and authorized payment of huge cash bonuses to their executives.
Reaping the largest bonus was CEO Andrew B. Cogan, netting a nice $1.25 million. Cogan was followed by Lynn M. Utter, Knoll\'s newest President and COO (North America), who pocketed a cool $500 thousand. Barry McCabe, Executive VP and CFO took home $400 thousand while Stephen Grover, the company\'s Executive VP of Operations received $300 thousand. Art Graves, the Executive VP and President of Sales and Distribution, got $400 thousand.

Many high-ranking, high-profile executives have foregone bonuses this year as an exercise in public penance. Executives and workers at Herman Miller and Steelcase (among others) are taking double digit reduced salaries this year, with greatly reduced bonuses. Knoll\'s huge bonus payout is particularly surprising considering the company, while profitable, just announced a 2 percent decrease in sales for the current quarter. (MMQB 2009)

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