Business Briefs: Mohawk Industries boosts executive pay

Business Briefs: Mohawk Industries boosts executive pay

April 5th, 2014 by Staff Reports in Business Around the Region

Jeff Lorberbaum, chairman and chief executive officer of Calhoun, Ga.-based Mohawk Industries, announces that the company will build an $180 million plant in Dickson County, Tenn., in this file picture.

Jeff Lorberbaum, chairman and chief executive officer of...

Photo by Contributed Photo /Times Free Press.

Mohawk boosts executive pay

Mohawk Industries boosted the pay package given CEO Jeffrey Lorberbaum last year by 21.9 percent to more than $5.2 million, the company said in a regulatory filing Friday. Lorberbaum, the 59-year-old head of the world's biggest floorcovering company, 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.

President picked for Coker Group

Wade Kawasaki, executive vice president of the Chattanooga-based Coker Group since 2011, has been named president of the vintage tire and wheel business.

"Wade's 30-plus years of high-level business experience in the automotive aftermarket both in the USA and abroad will help us continue to build our global presence as we continue to accelerate the growth of the Coker Group," said Corky Coker, who remains as owner and CEO of the 150-employee company. Kawasaki, who will keep an office in Coker's West Coast headquarters in City of Industry, Calif., will oversee Coker Group's brands and the six operating companies.