Norcross, Ga.-based RockTenn (NYSE: RKT) announced some pretty significant changes in management Friday, which will replace its CEO, CFO, and chairman of the board, all in one fell swoop.
As the company described, Chief Executive Officer Jim Rubright plans to retire from his post on Oct. 31. President and Chief Operating Officer Steve Vorhees will at that time take over the CEO's post.
On that date, company lead independent director Stephen Felker will also become chairman of the board.
Just before these switches happen, RockTenn will bring on Ward Dickson, currently senior vice president of finance for Cisco Systems' (CSCO +3.64%) global sales and service organization. He will move to RockTenn to begin serving as the company's CFO.
In an SEC filing, RockTenn revealed that Dickson will be paid a $550,000 annual salary when he joins the company, plus:
- An annual bonus ranging from 70% to 120% of base salary.
- Long-term incentives worth "approximately 175%" of annual salary.
- 15,000 shares of restricted Class A common stock, vesting over four years.
- An additional $25,000 bonus.
No details were provided on Vorhees' compensation plan.
