Robert Mellor, CEO of Building Materials (BLG) made over $850,000 in base compensation last year, according to the company proxy. There is no reason to think he will not do as well in 2008.
Over the course of the last 52-weeks, BLG has hit a 52-week high of $15.09 and now trades at $1.65. It is likely to drop at the open, due to a poor Q2. That will bring the company’s market cap down to about $45 million.
The maker of building products said it lost $31.9 million, or $1.10 per share, during the three months ending June 30. That compares with a year-ago profit of $19.4 million, or 66 cents per share. BLG also has over $379 million in long-term debt.
Perhaps next year, Mr. Mellor will work for $1.
Douglas A. McIntyre
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