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Salary up, total compensation down for IEC's leader

Rochester Business Journal
December 27, 2013

Barry Gilbert, IEC Electronics Corp.’s chairman and CEO, saw an increase in his base salary in fiscal 2013, but a slight drop in his overall compensation.

Gilbert earned a base salary of $348,154, compared with $324,324 in fiscal 2012, a filing on Friday with the Securities and Exchange Commission states. Also in 2013, Gilbert received $135,547 in stock awards and $27,522  in other compensation for a total compensation package of $511,222.

In addition to his base pay in fiscal 2012, Gilbert earned $84,404 in stock awards, $83,695 in a non-equity incentive plan and other compensation of $27,522 for total compensation of $519,945.

Gilbert’s compensation and that of other IEC executive offers were included in the proxy filing for the Newark firm’s annual meeting, scheduled for Jan. 29 at its Wayne County headquarters.

Also at the meeting, shareholders are slated to elect six directors to serve until the 2015 annual meeting of shareholders, ratify the selection of EFP Rotenberg LLP as the company’s independent registered public accounting firm and to approve, on a non-binding advisory basis, the compensation paid to the company’s executive officers.

Former IEC president Jeffrey Schlarbaum, who left the company over the summer and is now chief operating officer at LaserMax Inc., earned total compensation of $474,387 in 2013, including a base salary of $110,302, stock awards totaling $97,086 and other compensation totaling $267,000. In 2012, he earned total compensation of $370,238, including a base salary of $251,640.

Vincent Leo, chief financial officer, earned total compensation of $329,000 this year, all accounted for as other compensation. In 2012, he earned total compensation of $363,988, including other compensation of $246,388 and stock options totaling $117,600.
IEC states in the filing that Leo’s compensation reflects fees paid to Insero & Co., where he is a partner under an agreement between the companies where Leo serves as CFO.

Donald Doody, executive vice president, earned total compensation of $307,904 in 2013, including a base salary of $228,935. In 2012, he earned total compensation of $297,151, including base pay of $205,526.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail

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