Brett McGill got a 31 percent increase in his salary when he was promoted to president and CEO of MarineMax Inc. on Oct. 1.
McGill now receives an annual salary of at least $520,000 in addition to bonuses and other incentive compensation, the Clearwater recreational boat and yacht retailer (NYSE: HZO) said in a proxy statement filed late Thursday with the U.S. Securities and Exchange Commission.
The proxy showed that total compensation for many of the top executives at MarineMax dropped in fiscal year 2018, which ended on Sept. 30. The dip in total pay largely was due to a decline in cash incentives, as some performance objectives fell short of targets, the proxy said.
MarineMax, one of the largest companies headquartered in the Tampa Bay area, posted $39.3 million in net income, or $1.71 a share, on revenue of $1.2 billion for FY 2018, and expects earnings per share to grow in the current fiscal year.
Brett McGill is the son of William “Bill” McGill Jr., who was CEO of MarineMax for 20 years and now is executive chairman.
Bill McGill’s salary last year was $750,000. He received stock awards valued at $1.5 million and about $924,000 in cash incentives, for a total pay package of $3.2 million, down 7.7 percent from the previous year.
As CEO, Bill McGill’s total compensation was 64 times that of the pay package of the median worker at MarineMax, who earned $49,433 in fiscal 2018, the proxy said.
Brett McGill’s total pay in FY 2018 was $1.4 million, up 2 percent from the prior year. Brett McGill got a $36,000 bump in pay in FY 2017 when he was named president.
Other named executives in the MarineMax proxy and their total compensation for FY 2018 are:
- Michael McLamb, executive vice president and chief financial officer, $1,078,656, down 7.2 percent
- Charles Cashman, executive vice president and chief revenue officer, $986,788, down 10.5 percent
- Anthony Cassella Jr., vice president and chief accounting officer, $479,806. Cassella was not an executive officer previously so his earlier compensation was not disclosed.
- Paulee Day, former executive vice president and chief legal officer, $1.7 million. Day was terminated “without good cause” in April, the company said, and her pay package for fiscal 2018 included $1.1 million in separation pay.
MarineMax shareholders will have a chance to weigh in when they cast advisory “say on pay” votes at the company’s annual meeting Feb. 21 at the executive offices in Clearwater. About 84 percent of shareholder votes cast last year were in favor of the executive pay packages.