Deals for two top execs at GT Advanced revealed
NASHUA - Two months after GT Advanced Technologies announced the lay off of 25 percent of its work force, the company revealed last week significant compensation deals for two top executives.
In a filing with the U.S. Securities and Exchange Commission, GT Advanced Technologies disclosed a $300,000 relocation package for Tom Gutierrez, the CEO and president of the Nashua-based company that serves as an international supplier of components for the solar energy industry.
The compensation committee of the company's board of directors authorized the payment to Gutierrez on Dec. 29, to establish a second residence in North Carolina near his family, according to the filing.
"Mr. Gutierrez will maintain a permanent residence in New Hampshire where the company's corporate headquarters is located," the filing says.
The $300,000 paid to Gutierrez on Dec. 31 covers real estate fees, moving costs and travel, temporary living and miscellaneous expenses, says the filing, adding $70,000 of the amount was to help cover income taxes on the relocation payment.
The relocation benefit for the CEO of GT Advanced Technologies comes two months after the company announced the elimination of about 50 jobs in New Hampshire and about 120 jobs in other countries because of uncertain economic conditions in Asia as global demand for solar cells slows and prices fall.
Also disclosed in the SEC filing on Friday was an agreement with David Keck, an executive officer of GT Advanced Technologies, offering him an additional $378,000 a year to relocate to Hong Kong, and allow his children to attend school there for up to $60,000 a year, plus other monetary perks.
Keck's international assignment agreement includes a housing allowance of up to $18,500 a month and a monthly stipend of $8,000 a month for meals and other expenses, according to the SEC filing.
Despite the recent lay offs, Gutierrez said in a press release issued last month that while current market conditions are unlikely to improve in the next 12 months, his company remains confident about its long-term future.
"We expect to exit this downturn as a stronger, more diversified company with market leading positions in several growth industries," he said in the release, which projected revenue in the range of $500 million to $600 million for the fiscal year ending Dec. 31, 2013.
Jeff Nestel-Patt, marketing communications director for GT Advanced Technologies, was not immediately available on Tuesday to comment on the recent SEC filings or the compensation agreements.