After joining the ranks of America's billionaires last year, Mohawk Industries CEO Jeffrey Lorberbaum also got a 21.9 percent boost in his compensation last year.
According to the notice of Mohawk's annual meeting released today, Lorberbaum was paid more than $5.2 million in 2013, up from just below $4.3 million the previous year and nearly double the $2.7 million he was paid in 2011.
Lorberbaum, the 59-year-old head of the world’s biggest floorcovering show, helped boost profits and revenues for Mohawk to record levels in 2013 after a series of acquisitions over his 38 years with the company. Forbes magazine recently named Lorberbaum one of America’s newest billionaires, putting his net worth at $1.6 billion.
Mohawk’s No. 2 executive, company president W. Christopher Wellborn, got an 18.2 percent boost in his pay last year, swelling his compensation package to nearly $4.4 million. Pay for Mohawk Chief Financial Officer Frank Boykin was increased in 2013 by by 17.5 percent to more than $2.3 million.
Lorberbaum debuted on Forbes most recent list of billionaires following a spike in the value of his 15 percent stake in tile and carpet maker Mohawk Industries.
His father, Alan Lorberbaum, founded Aladdin Mills in 1957 as a maker of bath mats. Jeffrey Lorberbam joined the company in 1976 and later became the president and CEO.
In 1994 the family sold Aladdin to Mohawk.
Last year, Mohawk acquired the ceramic-tile maker Marazzi Group of Italy for $1.5 billion and laminate flooring manufacturer Pergo for $150 million.
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...