Business Briefs: Mohawk boosts pay for CEO

Business Briefs: Mohawk boosts pay for CEO

April 3rd, 2013 by Staff Reports and Wire Service in Business Around the Region

Mohawk logo

Photo by Contributed Photo/Times Free Press.

Mohawk boosts pay for CEO

Mohawk Industries boosted the compensation paid to CEO Jeffrey Lorberbaum by 56 percent last year to a record $4.3 million. Directors of Mohawk, the world's biggest floorcovering company, said in their proxy statement to shareholders that Lorberbaum had helped the company boost earnings per share by 29 percent last year and helped Mohawk maintain shareholder return over the past three years in the top 71st percentile of the companies in its peer group.

Lorberbaum was paid less than a third of other top CEOs in Georgia last year. Southern Co. Chief Executive Thomas Fanning was awarded $13 million in compensation last year Marty Flanagan, CEO for Atlanta money manager Invesco, was paid $13.2 million in 2012, a 1 percent decline.

VW considers Atlanta center

German automaker Volkswagen is in talks to open an operations center with about 100 employees at the site of the former Ford plant in Atlanta, according to people with knowledge of the negotiations.

The Atlanta Journal-Constitution reported a deal would boost redevelopment of the site just east of the Atlanta airport, where Volkswagen's sports car unit, Porsche, plans a North American headquarters. Porsche's plans call for an office building that incorporates a test track. The specific functions of a potential Volkswagen office are not yet known.