There may be some unfamiliar faces — and companies — in the Winston-Salem Journal’s annual executive compensation chart for 2017.

But one aspect didn’t change: Compensation continued to rise, and stock and stock-option awards are the biggest reasons why.

Those awards represented 62.1 percent of the combined $233.72 million in total compensation for the 33 executives listed in the 2017 chart.

The Journal takes a look each May at the compensation packages paid primarily in the previous year.

The 2017 review also includes four large not-for-profit healthcare systems and seven nonprofit community agencies. Each executive made at least $197,000 in total compensation. The figures are based on annual company regulatory filings and most recent IRS filings for not-for-profit and nonprofits.

Part of the chart’s churn is that at least 16 corporate chief executives and presidents left their duties in 2016 or 2017 due to retirement, promotion to a board chair position or left the company. That involves Caterpillar Inc., Hanesbrands Inc., Herbalife Nutrition Ltd., Primo Water Corp. and VF Corp.

The chart also reflects a number of Triad-based companies being sold in the past two years, such as British American Tobacco Plc purchasing Reynolds American Inc., F.N.B. Corp. buying Yadkin Financial Corp., Pinnacle National Financial Partners buying BNC Bancorp and Rockwell Collins Inc. acquiring B/E Aerospace Inc.

As such, the chart provides the executive compensation from the new owner, or in the case of United Technologies Corp., the pending new owner of Rockwell.

For 13 corporate and three not-for-profit executives, their base salary alone was enough to provide them with a millionaire’s compensation in 2017.

Incentive pay exceeded $1 million for 13 corporate and two not-for-profit executives.

Rewarding stock performance

Yet, the chart continues to reflect corporate board of directors’ decisions of foremost rewarding top executives based on stock performance rather than profits and revenue.

Corporate America made that shift during the depths of the 2008-11 economic downturn and the height of backlash against executive compensation.

As a result, stock and stock-option awards have become the top compensation category for 22 executives.

Those awards reflect what the company expects them to be worth over time, based on the company’s share price on the date of the award.

Although federal regulators require corporations to declare the value annually, executives typically are required to wait a specified amount of time — often one to three years — to receive those shares or exercise the options.

The prevailing theory is that executives will be more inclined to be prudent with shareholder value, potentially taking less risk, if their own compensation is weighted primarily toward share-price performance.

“When the awards are structured appropriately — set up in a way that rewards long-run, sustainable stock price appreciation and not an unsustainable short-term boost related to the illusion of improved short-term corporate earnings — they align the interests of executives with those of the shareholders,” said Tony Plath, a finance professor at UNC Charlotte.

“Both groups win when the stock price increases, providing the proper incentive to managers to work in the best interest of the shareholders,” Plath said.

Wells Fargo

The highest stock and stock-option award compensation — and likely the most controversial — was the $15 million that Timothy Sloan, Wells Fargo & Co.’s chief executive, qualified for as part of his chart-topping $17.56 million in compensation, up 34.9 percent from 2016.

The stock awards’ value rose in large part based on Wells Fargo’s share price recovering from a drop in late 2016 and early 2017.

It was Sloan’s first full year as the embattled bank’s top executive. He was promoted in October 2016 after John Stumpf retired as chairman and chief executive in the early weeks of a fraudulent customer-account scandal.

In terms of take-home compensation, Sloan was paid $2.4 million in salary, up 3 percent. He did not receive incentive pay for the second consecutive year, per his request for 2017.

Douglas Parker, chief executive of American Airlines Group Inc., received all of his compensation from stock-option awards valued of $11.9 million. In April 2015, American eliminated Parker’s annual salary and qualification for incentive pay in lieu of stock awards.

Also receiving at least $10 million in stock and stock-options awards were: FedEx Corp.’s Frederick Smith ($13.78 million); BAT’s Nicandro Durante ($13.52 million); and UTC’s Hayes ($10.47 million).

For 18 corporate executives, their incentive pay and bonus exceeded their salary. The biggest gap was for David Congdon of Old Dominion Freight Line Inc. at $611,833 in salary and $6.09 million in incentive and bonus pay.

Controversial

executive pay ratios

Executive packages have been a hot-button issue in recent years, particularly as the gap between executive and rank-and-file pay continues to widen despite whether overall company financial performance was good or bad.

A Dodd-Frank Act rule requires corporations — for the first time with their 2017 proxy filings— to put a number and a ratio to the compensation gap between chief executives and their median employee salary. Median is defined as the middle value in a list of numbers.

For some corporations, particularly those that have a significant number, if not the bulk, of their employees working offshore, the gap between the chief executive to median employee pay ratio can seem miles apart.

For example, the total compensation for Hanesbrands’ chief executive, Gerald Evans Jr., was $9.58 million in 2017. Although Evans was paid $1.1 million in salary, the bulk of his compensation was $6.25 million in stock awards. Those awards are accounted for and payable over multiple years, but they have to be declared annually.

By comparison, Hanesbrands reported to shareholders that the median annual employee compensation was $5,237 for its nearly 67,200 employees.

That means Evans’ pay ratio equals out to $1,830 in total compensation for every $1 earned by the median employee, as well as Evans receiving $210 in salary for every $1 earned.

Comparisons a challenge

Making executive compensation comparisons a challenge for most not-for-profits and nonprofits is that they declare those payments primarily in annual IRS filings.

For the 2017 chart, the compensation for the not-for-profit and nonprofit groups typically reflect 2016 totals reported in their Form 990 with the IRS.

For example, Wake Forest Baptist Medical Center listed Dr. John McConnell as chief executive for its 2016 compensation totals even though he transitioned in May 2017 to a new role with the center after nearly nine years at its helm. He was replaced by Dr. Julie Ann Freischlag, whose 2017 compensation will be disclosed in 2019.

McConnell’s total compensation was just under $2.3 million, up 0.5 percent from fiscal 2015. He received a $23,651 raise in salary to $1.03 million and $434,548 in incentives, down from $458,633.

Meanwhile, Carl Armato, chief executive and president of Novant Health Inc., received a 3.1 percent increase in salary to $1.35 million, as well as a 38.3 percent jump in incentive pay to $1.41 million and a 16.6 percent increase in total compensation to $3.43 million.

Critics say hospital systems use their nonprofit status for tax advantages and public-relations purposes even as they pay corporate-level wages and benefits to top executives.

Wake Forest Baptist said the compensation for top executives is justified because academic medical centers “are very complex organizations that require a special set of skills and experience ... (that) takes proven talents possessed by a small group of health care executives.”

“Compensating executives, as we do all our employees, competitively and appropriately, is crucial to the success of Wake Forest Baptist and to northwest North Carolina.”

Novant’s board of trustees repeated claims made in previous years that high compensation levels are necessary to recruit and retain executives to run “a very complex organization.”

“Compensation must be considered ‘reasonable’ and within an acceptable range compared to similar organizations,” Novant said.

Compensation debate

David Meyer, a senior partner with Keystone Planning Group of Durham, said he falls into the category of saying higher compensation is warranted for top-level managers.

“I will opine that these hospital leaders are going to earn their pay with all the changes and challenges that are facing health care providers during the next five years,” Meyer said.

Dr. Roy Poses, a clinical associate professor of medicine at Brown University in Providence, R.I., and a former physician at three academic medical centers, writes a blog called “Health Care Renewal” in which he frequently tackles the issue of executive compensation.

“When health care organizations are asked to justify their executives’ compensation, they invoke the same talking points: that these payments are necessary to retain executives; that the executives are brilliant and doing extremely hard jobs; and the compensation is set by the market,” Poses said.

“All three points have been debunked, at least when used to justify the compensation of executives in big, for-profit companies.

“Yet rarely are the talking points challenged when used to justify hospital executives’ pay.”

The federal tax reform bill that went into effect in January may play a slowing role in not-for-profit and nonprofit executive compensation increases, said Elliot Dinkin, president and chief executive of Cowden Associates, a Pittsburgh-based specialist in risk management and compensation plans.

The law imposes a 21 percent excise tax on nonprofit employers for salaries of more than $1 million.

Although it was aimed mostly as reining in higher education salaries, such as coaches and university chancellors, it also is projected to have an impact on not-for-profit hospitals nationwide.

“In an environment in which every dollar counts, nonprofit boards will need to justify that it is worthwhile to pay the additional excise tax rather than cut back on salary,” Dinkin said.

Dinkin suggested that nonprofits may want to develop more attractive non-salary related opportunities having to do with time and lifestyle.

“It doesn’t have to be a win-lose proposition,” Dinkin said.

“There are effective ways to strike a balance between what’s reasonable and what’s necessary in the competition for talent.”

Executive compensation 2017

Company (top executive) Salary Bonus/Incentives Stock, Option * Deferred compensation ** All other compensation Total Field 8 Field 9 Field 10 Field 11 Field 12 Field 13 Field 14 Field 15 Field 16 Field 17 Field 18 Field 19 Field 20 Field 21 Field 22 Field 23 Field 24 Field 25 Field 26 Field 27 Field 28 Field 29 Field 30 Field 31 Field 32 Field 33 Field 34 Field 35 Field 36 Field 37 Field 38 Field 39 Field 40 Field 41 Field 42 Field 43 Field 44 Field 45 Field 46 Field 47 Field 48 Field 49 Field 50 Field 51 Field 52 Field 53 Field 54 Field 55 Field 56 Field 57 Field 58 Field 59 Field 60 Field 61 Field 62 Field 63 Field 64 Field 65 Field 66 Field 67 Field 68 Field 69 Field 70 Field 71 Field 72 Field 73 Field 74 Field 75 Field 76 Field 77 Field 78 Field 79 Field 80 Field 81 Field 82 Field 83 Field 84 Field 85 Field 86 Field 87 Field 88 Field 89 Field 90 Field 91 Field 92 Field 93 Field 94 Field 95 Field 96 Field 97 Field 98 Field 99 Field 100 Field 101 Field 102 Field 103 Field 104 Field 105 Field 106 Field 107 Field 108 Field 109 Field 110 Field 111 Field 112 Field 113 Field 114 Field 115 Field 116 Field 117 Field 118 Field 119 Field 120 Field 121 Field 122 Field 123 Field 124 Field 125 Field 126 Field 127 Field 128 Field 129 Field 130 Field 131 Field 132 Field 133 Field 134 Field 135 Field 136 Field 137 Field 138 Field 139 Field 140 Field 141 Field 142 Field 143 Field 144 Field 145 Field 146 Field 147 Field 148 Field 149 Field 150 Field 151 Field 152 Field 153 Field 154 Field 155 Field 156 Field 157 Field 158 Field 159 Field 160 Field 161 Field 162 Field 163 Field 164 Field 165 Field 166 Field 167 Field 168 Field 169 Field 170 Field 171 Field 172 Field 173 Field 174 Field 175 Field 176 Field 177 Field 178 Field 179 Field 180 Field 181 Field 182 Field 183 Field 184 Field 185 Field 186 Field 187 Field 188 Field 189 Field 190 Field 191 Field 192 Field 193 Field 194 Field 195 Field 196 Field 197 Field 198 Field 199 Field 200 Field 201 Field 202 Field 203 Field 204 Field 205 Field 206 Field 207 Field 208 Field 209 Field 210 Field 211 Field 212 Field 213 Field 214 Field 215 Field 216 Field 217 Field 218 Field 219 Field 220 Field 221 Field 222 Field 223 Field 224 Field 225 Field 226 Field 227 Field 228 Field 229 Field 230 Field 231 Field 232 Field 233 Field 234 Field 235 Field 236 Field 237 Field 238 Field 239 Field 240 Field 241 Field 242 Field 243 Field 244 Field 245 Field 246 Field 247 Field 248 Field 249 Field 250 Field 251 Field 252 Field 253 Field 254 Field 255 Field 256
Wells Fargo & Co. (Timothy Sloan) $2,400,000 $0 $15,000,007 $56,749 $107,258 $17,564,014
United Technologies Corp. (Greg Hayes) $1,500,000 $3,300,000 $10,467,468 $1,277,981 $482,044 $17,027,493
British American Tobacco Plc (Nicandro Durante) $1,733,590 $306,110 $13,516,420 $430,940 $47,730 $16,034,790
FedEx Corp. (Frederick Smith) $1,311,688 $0 $13,780,861 $0 $513,048 $15,605,597
Caterpillar Inc. (Jim Umpleby) $1,200,000 $3,500,000 $8,649,922 $0 $685,287 $14,035,209
VF Corp. (Steven Rendle) $1,097,020 $2,408,900 $6,656,829 $3,327,800 $246,116 $13,736,665
BB&T Corp. (Kelly King) $1,075,000 $4,757,813 $3,134,169 $3,382,618 $325,096 $12,674,696
American Airlines Group Inc. (Douglas Parker) (1) $0 $0 $11,974,000 $0 $201,486 $12,175,486
Laboratory Corp. of America Holdings (David King) $1,150,000 $1,960,367 $8,330,993 $128,904 $75,990 $11,646,254
Lowes Cos. Inc. (Robert Niblock) $1,300,000 $2,051,621 $7,601,919 $0 $255,118 $11,208,658
First Horizon National Corp. (Bryan Jordan) $875,000 $6,725,000 $2,161,095 $479,791 $92,879 $10,333,765
Hanesbrands Inc. (Gerald Evans Jr.) $1,100,000 $1,889,250 $6,250,014 $164,848 $177,874 $9,581,986
Gildan Activewear Inc. (Glenn Chamandy) $1,100,000 $2,095,500 $4,799,979 $57,524 $114,296 $8,167,299
Rockwell Collins (Kelly Ortberg) $1,003,078 $1,529,694 $5,331,053 $0 $209,522 $8,073,347
Old Dominion Freight Line Inc. (David Congdon) $611,833 $6,090,369 $378,973 $0 $85,484 $7,166,659
Tanger Factory Outlet Centers Inc. (Steven Tanger) $850,000 $993,367 $4,568,634 $0 $612,947 $7,024,948
Herbalife Ltd. (Rich Goudis) $873,689 $735,110 $5,000,003 $0 $31,243 $6,640,045
Qorvo Inc. (Robert Bruggeworth) $794,398 $940,604 $4,854,843 $0 $9,340 $6,599,185
F.N.B. Corp. (Vincent Delie Jr.) $1,029,808 $1,334,340 $2,716,739 $20,126 $248,348 $5,349,361
Blue Cross Blue Shield of N.C. (James Wilson) (2) $1,178,015 $2,563,965 $0 $0 $507,293 $4,249,273
Pinnacle Financial Partners Inc. (Terry Taylor) $908,000 $952,263 $1,545,592 $0 $69,644 $3,475,499
Novant Health Inc. (Carl Armato) (2016) (3) $1,346,995 $1,409,378 $0 $65,093 $604,953 $3,426,419
CBL & Associates (Stephen Lebovitz) $707,000 $277,830 $1,259,260 $0 $334,377 $2,578,467
Unifi Inc. (Kevin Hall) (4) $77,500 $0 $2,288,741 $0 $14,750 $2,380,991
Wake Forest Baptist Medical Center (Dr. John McConnell) (2015) (5) $1,026,651 $434,548 $0 $247,313 $588,969 $2,297,481
Insteel Industries Inc. (H.O. Woltz III) $600,000 $684,600 $599,965 $216,366 $73,235 $2,174,166
Culp Inc. (Franklin Saxon) $416,904 $1,044,796 $412,272 $52,954 $158,508 $2,085,434
Catalyst Biosciences Inc. (Nassim Usman) $464,103 $303,417 $1,062,381 $0 $5,372 $1,835,273
Sturm, Ruger & Co. Inc. (Christopher Killoy) $473,590 $214,038 $1,000,000 $0 $33,411 $1,721,039
Moses Cone Memorial Hospital Operating Corp. (Terry Akin) (6) $0 $0 $0 $0 $0 $1,622,055
Hooker Furniture Corp. (Paul Toms Jr.) $415,000 $305,025 $249,000 $555,184 $39,435 $1,563,644
Primo Water Corp. (Billy Prim) $432,685 $196,601 $800,273 $0 $13,084 $1,442,643
First Bancorp (Richard Moore) $415,625 $648,200 $348,200 $0 $20,062 $1,432,087
Bassett Furniture Industries Inc. (Robert Spillman Jr.) $400,000 $350,976 $179,700 $0 $19,616 $950,292
Stanley Furniture Co. Inc. (Glenn Prillaman) $186,959 $0 $281,600 $0 $255,000 $723,559
22nd Century Group Inc. (Henry Sicignano III) $242,690 $94,800 $345,987 $0 $27,988 $711,465
Winston-Salem Industries for the Blind Inc. (Daniel Boucher) (2015) $275,002 $115,058 $0 $13,250 $31,668 $434,978
Baptist Retirement Homes of N.C. Inc. (William Stillerman) (2015) $286,462 $25,728 $0 $10,600 $44,448 $367,238
Goodwill Industries of Northwest N.C. Inc. (Art Gibel) (2015) $256,940 $17,142 $0 $34,151 $52,204 $360,437
YMCA of Northwest N.C. (Curtis Hazelbaker) (2016) $258,912 $0 $0 $31,800 $24,236 $314,948
Arbor Acres United Methodist Retirement Community Inc. (David Piner) (2016) $233,803 $36,000 $11,100 $16,365 $13,832 $311,100
United Way of Forsyth County Inc. (Cynthia Gordineer) (2015) $199,064 $0 $0 $19,906 $2,573 $221,543
Moravian Home Inc., dba Salemtowne (Joseph Lydon) (2015) $152,145 $17,565 $0 $7,196 $19,972 $196,878
TOTALS $31,959,149 $50,309,975 $145,557,992 $10,597,459 $7,475,736 $247,522,366
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Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010 (5) Robert Marziano resigned as president and chief executive in September 2010