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Bluegreen CEO compensation down 14%

by South Florida Business Journal - by Brian Bandell - 04/17/2009
"Coming off a difficult year for his company, Bluegreen Corp. President and CEO John M. Maloney Jr. saw a 14 percent cut in total compensation in 2008."
The Boca Raton-based company (NYSE: BXG) lost $516,000 in 2008 after earning $31.9 million in 2007. The timeshare operator let go of 3,000 associates last year.

According to Bluegreen’s filings with the Securities and Exchange Commission, Maloney earned total compensation of $1.44 million in 2008, down from $1.68 million in 2007. His salary remained flat, at $600,000, but he did not receive a cash bonus last year.

Of the four other top Bluegreen executives, all but one enjoyed an increase in compensation in 2008.

David Bidgood, senior VP and executive VP of sales and marketing, was the highest earner, taking a total compensation of $1.52 million, up from $1.37 million in 2007. Half of his compensation came from an incentive program based on achievement of financial performance goals.

Daniel Koscher, senior VP and CEO of the communities division, made $718,138 in 2008, down from $1.02 million in 2007.

David Pontius, senior VP and president of the resort division, earned total compensation of $1.4 million, up from $1 million in 2007. Much of that increase came from a raise in his salary and a stock award.

Bluegreen Senior VP and CFO Anthony Puelo made $764,189 in 2008, up from $654,971 in 2007.

Bluegreen shares closed Wednesday at $1.85. The 52-week high was $12.54 on July 22. The 52-week low was 60 cents on March 6.

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