You are the owner of this article.
Belden's new CEO gets a raise, but not right away

Belden's new CEO gets a raise, but not right away

  • 0
Subscribe for $3 for 3 months
Belden's new President and CEO Roel Vestjens

Belden promotes Roel Vestjens to president and CEO. Photo courtesy Belden

Belden's new CEO is getting a raise, but won't see the money until next year.

The company notified investors that Roel Vestjens' salary was increased to $750,000 after his promotion to chief executive last week. Vestjens, however, also agreed to a 50% salary reduction for the rest of this year -- which means he could earn less as CEO than his $495,756 salary last year, when he was executive vice president and chief operating officer.

While in his previous position, he had agreed to a 30% salary reduction beginning May 1.

Vestjens also will be eligible for a bonus with a target value of $975,000 and a long-term equity award with a target value of $3 million.

His predecessor as CEO, John Stroup, will get a $500,000 salary as executive chairman but has also agreed to a 50% cut for the rest of this year.

Stroup's salary last year was $920,250 and his total compensation as chief executive was $7.5 million.

Several other St. Louis companies, including Aegion, Caleres, Emerson and Huttig Building Products, have asked their CEOs to take temporary pay cuts as the coronavirus pandemic has hurt business.

Here's what St. Louis CEOs earned in 2019:

Loading...
* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Blues News

Breaking News

Cardinals News

Daily 6

National Breaking News

Sports