Board Game

April 24, 2006
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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

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