Summary
This 8-K filing from Alcoa Inc. (which appears to be the registrant, despite the prompt mentioning Howmet Aerospace Inc. - this filing predates that spin-off) reports on decisions made by its Compensation and Benefits Committee and its Governance and Nominating Committee on January 12-13, 2006. The primary focus for investors is the approval of annual cash incentive awards for 2005 and base salary adjustments for executive officers, effective January 1, 2006. These actions provide insight into executive compensation and the company's recognition of performance.
Key Highlights
- 1Alcoa's Compensation Committee approved 2005 annual cash incentive awards for Named Executive Officers, totaling over $3.5 million.
- 2The Chairman and CEO, Alain J.P. Belda, received the largest incentive award of $1,600,000 for 2005.
- 3Base salaries for several Named Executive Officers were increased effective January 1, 2006, following a review of performance and market data.
- 4Alain J.P. Belda's base salary increased from $1,300,000 to $1,375,000.
- 5Bernt Reitan and Paul D. Thomas also received base salary increases.
- 6The filing clarifies that Richard B. Kelson retired as CFO on December 31, 2005, and became Chairman’s Counsel.
- 7The Governance and Nominating Committee confirmed that James W. Owens will stand for election in 2008, consistent with his appointment to fill a board vacancy.