Board Game
All board of directors’ positions are not created equal.
In West Michigan, many of the larger public companies pay their directors handsomely while attracting top talent to these crucial positions.
The boards of directors for selected West Michigan companies listed on the New York and Nasdaq stock exchanges are listed here. In most cases, employees that serve as directors are not compensated for doing so.
Steelcase Inc.
NYSE
Annual retainer: $80,000 ($150,000 chair)
Committee chairs: Audit, $10,500; Compensation, $7,500; Nominating and Governance, $5,000
Per meeting: $1,500
Meetings: Regular (5), Audit (7), Compensation (7), Governance (2)
Earl Holton/since 1998/president, retired, Meijer Inc./Stock: 89,221 shares/Other boards: CMS Energy Corp. and Consumers Energy Corp.
Michael Jandernoa/2002/general partner, Bridge Street Capital Fund I; CEO, retired, Perrigo Corp./Stock: 10,832/Other boards: Perrigo Corp., Fifth Third Bank
Peter Wege II/1979/chairman, Contract Pharmaceuticals Ltd.; president, Greylock Inc.; Steeclase, retired/Stock: 553,494
Kate Pew Wolters/2001/president, Kate and Richard Wolters Foundation/Stock: 1,786,861
William P. Crawford/1979/president and CEO, Steelcase Design Partnership/Stock: 10,610,576
Elizabeth Valk Long/2001/executive vice president, retired, Time Inc./Stock: 15,018/Other boards: Belk Inc., J.M. Smucker Co., Jefferson Pilot Corp.
Robert C. Pew (chair)/1987/private investor; president, retired, Steelcase North America/Stock: 1,536,282
James Hackett/1994/president and CEO, Steelcase Inc./Stock: 1,410,149/Other boards: Northwestern Mutual Life Insurance Co., Fifth Third Bancorp.
David Joos/2001/president and CEO, CMS Energy Corp. and Consumers Energy/Stock: 9,400/Other boards: CMS Energy Corp. and Consumers Energy Corp.
P. Craig Welch Jr./1979/manager, Honzo LLC; Steelcase, retired/Stock: 5,098,000
Wolverine World Wide Inc.
NYSE
Annual retainer: $30,000 and $15,000 in stock
Per meeting: $2,000 regular, $1,000 committee
Committee chairs: Audit, $7,500; Compensation, $5,000; Governance, $5,000.
Meetings: Regular (5), Audit (12), Compensation (4), Governance (6).
Alberto Grimoldi/since 1994/chairman, Grimoldi SA/Stock: 53,531
Brenda Lauderback/2003/president, retired, Nine West Group/Stock: 23,452/Other boards: Irwin Financial Corp., Big Lots Inc., Denny’s Corp., Select Comfort Corp.
Shirley Peterson/2005/partner, retired, Steptoe & Johnson LLP/Stock: 12,808/Other boards: Federal-Mogul Corp., The Goodyear Tire & Rubber Co., AK Steel Holding Corp., Scudder Mutual Funds, Champion Enterprises Inc.
Phillip Matthews/1981/general partner, Matthews, Mullaney & Co./Stock: 89,800/Other boards: Washington Mutual Inc.
Paul Schrage/1997/chief marketing officer, McDonalds Corp./Stock: 85,311/Other boards: Compact Industries Inc.
Michael Volkema/2005/chairman, Herman Miller Inc./Stock: 13,108/Other boards: Applebee’s International Inc.
David Kollat/1992/president and chairman, 22 Inc./Stock: 137,192/Other boards: Limited Brands Inc., Big Lots Inc., Select Comfort Corp.
David Mehney/1977/president, The KMW Group Inc./Stock: 152,966
Timothy O’Donovan/1993/chariman and CEO, Wolverine World Wide Inc./Stock: 1,358,260/Other boards: Spartan Stores Inc., Kaydon Corp.
Gentex Corp.
Nasdaq
Annual Retainer: $9,000 and 6,000 shares.
Per meeting: $1,200 regular, $900 committee
Committee chairs: Audit, $3,000; Compensation, $3,000
Meetings: Regular (5), Audit (5), Compensation (6), Nominating and Governance (2), Executive (1)
Leo Weber*/since 1991/consultant, L.L. Weber Associates/Stock: 269,600
J. Terry Moran*/2006/partner, retired, Varnum Riddering Schmidt & Howlett/Stock: 32,000
Gary Goode/2003/chairman, Titan Distribution LLC/Stock: 75,352/Other boards: Universal Forest Products Inc.
Fred Bauer/1981/chairman and CEO, Gentex/Stock: 7,355,612
Arlyn Lanting/1981/vice president-finance, Aspen Enterprises Ltd./Stock: 1,376,000
Kenneth La Grand/1987/executive vice president, retired, Gentex/Stock: 538,508/Other boards: Clarion Technologies Inc.
Rande Somma/2005/president of automotive operations, retired, Johnson Controls/Stock: 15,013
Frederick Sotak/2000/COO, retired, Prince Corp./Stock: 106,168/Other boards: Clarion Technologies Inc.
John Mulder/1992/vice president of customer service, retired, Gentex/Stock: 233,132
Wallace Tsuha/2003/chairman and CEO, Saturn Electronics & Engineering Inc./Stock: 49,704
*J. Terry Moran has been nominated to succeed Weber following next month’s annual meeting.
Herman Miller Inc.
Nasdaq
Annual retainer: $105,000 ($295,000 chair)
Committee chairs: Audit, $10,000; Executive Compensation, $5,000; Governance, $5,000; Executive, $5,000
Meetings: Regular (6), Audit (9), Executive Compensation (4), Governance (4), Executive (6)
Mary Vermeer Andringa/since 1999/CEO, Vermeer Manufacturing/Stock: 35,247
Lord Brian Griffiths of Fforestfach/1991/international adviser, Goldman Sachs; House of Lords, U.K./Stock: 87,743/Other boards: The ServiceMaster Co., Times Newspaper Holdings Ltd.
Brian Walker/2003/president and CEO, Herman Miller/Stock: 396,259/Other boards: Briggs & Stratton Corp.
J. Barry Griswell/2004/chairman, Principal Financial Group and Principal Life/Stock: 10,000
E. David Crockett/1982/managing general and founding partner, Aspen Ventures/Stock: 75,688
C. William Pollard/1985/chairman emeritus, The ServiceMaster Co./Stock: 84,134/Other boards: UnumProvident Corp. (chair)
Dorothy Terrell/1997/president and CEO, Institute for a Competitive Inner City/Stock: 42,469/Other boards: General Mills Inc., Lightbridge Inc.
David Ulrich/2001/professor, University of Michigan/Stock: 45,667
Douglas French/2002/principal, JD Resources LLC/Stock: 29,188/Other boards: Old National Bancorp Inc.
James Kackley/2003/private investor, former partner Arthur Andersen LLP/Stock: 13,071/Other boards: PepsiAmericas Inc.
Thomas Pratt/1999/president and CEO, International Cooperating Ministries/Stock: 92,700
Michael Volkema/chairman, Herman Miller/Stock: 305,469/Other boards: Applebee’s International, Wolverine World Wide Inc.
John Hoke/2005/vice president of footwear design, Nike Inc.
Perrigo Co.
Nasdaq
Annual retainer: $40,000, $40,000 in stock
Per meeting: Audit, $2,000; Compensation, $1,500; Governance, $1,500
Committee chairs: Audit, $8,000; Compensation, $5,000; Governance, $5,000
Meetings: Regular (9), Audit (6), Compensation (5), Governance (5)
Moshe Arkin/2005/former president, Agis Industries; general manager, Perrigo/Stock: 10,022,092/Other boards: Bezeq (chair)
Gary Kunkle Jr./2002/chairman and CEO, DENTSPLY International Inc./Stock: 11,022
Herman Morris Jr./1999/partner, Baker Donelson Bearman Caldwell & Berkowitz PC/Stock: 39,960
Gary Cohen/2003/president, BD Medical/Stock: 10,773
David Gibbons/2000/chairman and CEO, Perrigo/Stock: 896,559/Other boards: Robbins & Myers Inc., Banta Corp.
Judith Hemberger/2003/COO, Pharmion Corp./Stock: 10,773/Other boards: Renovis Inc.
Laurie Brlas/2003/CFO, STERIS Corp./Stock: 10,344
Larry Fredricks/1996/independent financial consultant/Stock: 48,560
Michael Jandernoa/1981/general partner, Bridge Street Capital Fund I; CEO, retired, Perrigo Corp./Stock: 5,784,450/Other boards: Steelcase Inc., Fifth Third Bank
Ran Gottfried/2006/chairman, Magnolia Silver Jewelry Ltd.; Consultant to Israeli distributors/Other boards: Bezeq
Spartan Stores Inc.
Nasdaq
Annual retainer: $25,000, $20,000 in stock
Per Meeting: $1,000
Meetings: Regular (8), Audit (9), Compensation (5), and Nominating and Governance (3).
Elizabeth Nickels/since 2000/CFO, Herman Miller Inc./Stock: 10,356
Kenneth Stevens/2002/CEO, Express/Stock: 5,716
James Wright/2002/president and CEO, Tractor Supply Co./Stock: 6,675/Other boards: Tractor Supply Co.
Craig Sturken/2003/president and CEO, Spartan Stores/Stock: 247,155
M. Shan Atkins/2003/managing director, Chetrum Capital LLC/Stock: 7,557/Other boards: The Pep Boys
Frank Gambino/2003/director, Western Michigan University Food Marketing Program/Stock: 4,057
Timothy J. O’Donavan/2003/president and CEO, Wolverine World Wide/Stock: 9,057/Other boards: Wolverine World Wide
Universal Forest Products Inc.
Nasdaq
Annual retainer: $35,000
Per meeting: $1,000 and 100 shares
Committee chairs: Audit, $20,000
Meetings: Regular (4)
Louis A. Smith/since 1993/president, Smith and Johnson Attorneys PC/Stock: 27,080
John W. Garside/1993/president and treasurer, Woodruff Coal Co./Stock: 33,199
Dan M. Dutton/2003/chairman, Stimson Lumber Co./Stock: 3,774/Other boards: American Forest and Paper Association
Peter F. Secchia/1967/managing partner, SIBSCO LLC; chairman, Universal Forest Products/Stock: 901,175
William G. Currie/1978/CEO, Universal Forest Products/Stock: 630,031
John Engler/2003/former governor of Michigan; president and CEO, National Association of Manufacturers/Stock: 1,200/Other boards: Munder Capital Management, Northwest Airlines, Dow Jones & Co.
Gary Goode/2003/chairman, Titan Sales and Consulting LLC; partner, retired, Arthur Andersen LLP/Stock: 4,779/Other boards: Gentex Corp.
Mark Murray/2004/outgoing president, Grand Valley State University; incoming president, Meijer Inc./Stock: 1,655
X-Rite Inc.
Nasdaq
Annual retainer: $20,000 ($37,000 chair)
Per meeting: $1,000 ($1,500 chair); Audit, $1,500 ($2,000 chair)
Meetings: Regular (6), Committees (13)
**Pending the acquisition of Swiss company Amazys Holding AG, three of that company’s directors (Mario Fontana, Massimo Lattman and Gideon Argov) will be added to the X-Rite board.
Stanley W. Cheff/1996/chairman, retired, Wolverine Building Group/Stock: 97,000
John Utley (chair)/2000/deputy president, retired, Lucas Varity Automotive/Stock: 61,000
Michael Ferrara/2003/CEO and president, X-Rite/Stock: 241,866
Paul R. Sylvester/2003/CEO and president, Manatron Inc./Stock: 26,955/Other boards: Manatron Inc.
Mark D. Weishaar/2003/CEO and president, Sturgis Molded Products/Stock: 29,955
Peter M. Banks/1998/president, Institute for the Future/Stock: 55,000/Other boards: Tecumseh Products Co.
L. Peter Frieder/2003/president and CEO, Gentex Corp. (Carbondale, Pa.); senior vice president, Essilor/Stock: 24,801
Ronald A. VandenBerg/1989/senior vice president, retired, Donnelly Corp.; consultant/Stock: 70,666
Source: Companies’ latest proxy statements, GRBJ research
