Steven A. Raymund, chairman and chief executive of Tech Data Corp., took home nearly $1.8-million in salary and bonus last year, a 17 percent increase from the year before.
Raymund, 42, also was granted options on 75,000 shares of Tech Data stock that have a present value of $1,005,000, bringing his total compensation to $2.8-million, according to the company's proxy statement.
Raymund and other top managers were rewarded after Tech Data's net income jumped 57 percent to $89.5-million in its last fiscal year, ended Jan. 31. The Clearwater company is the world's second largest distributor of computer hardware and software.
"Steve's compensation is easily in line with many other companies' CEOs, particularly considering Tech Data's strong overall performance and his strategic role in our success," said company spokesman Chuck Miller.
President Anthony A. Ibarguen earned more than $1.8-million in salary, bonus, stock options and other compensation in 1997. He joined the company in late 1996.
Ibarguen, 38, also has been nominated to the company's board of directors for the first time. Another new nominee is Jeffery P. Howells, Tech Data's chief financial officer. If both are elected at the annual shareholders' meeting June 23, the board will expand from seven to nine members.
Shareholders also will vote to increase the maximum number of board members from nine to 13. In its proxy, the company said there is a "need for a larger and more diversified board" as the company grows. Tech Data does not plan to add specific candidates to the board at this time.
More evidence of growth came this month when Tech Data said it would acquire a majority interest in Computer 2000 AG, Europe's leading computer-products distributor. As part of the agreement, Tech Data will appoint to its board a representative of Viag AG, Computer 2000's parent company. The acquisition is expected to be completed June 30.