Daily Record Financial News &
Wednesday, May 6, 2015
Vol. 102, No. 123 • Two Sections
35¢ www.jaxdailyrecord.com
Double-digit drop in CEO pay PAY FOR TOP CEOS
Stein requested $270,000 salary cut to fund events at stores
$17,510,095
By Mark Basch Contributing Writer
(Total compensation) Thomas Sanzone Black Knight Financial
$10,068,089 Michael Ward CSX
$9,061,320
Raymond Quirk Fidelity National Financial Full list on Page A-3.
In a successful year when Jacksonville companies were generally profitable, the chief executive officers of those companies actually earned less in 2014 than they did in 2013. The CEOs who had been on the job for two full years, in sum, saw their compensation packages drop by 11 percent last year. The list includes all Jacksonville-area companies that file financial reports with the Securities and Exchange Commission, including two that are not
publicly traded but file reports because of publicly issued bonds: ADS Waste Holdings Inc. (parent of Advanced Disposal) and Interline Brands Inc. The CEOs of ADS and Interline were actually two of only three CEOs who had significant increases in pay last year and without their compensation packages, the total pay for publicly traded CEOs actually fell by 13 percent. The chart shows the annual salary each CEO received and the total of other cash bonuses or incentive payments. The total compensation includes those cash payments plus the estimated
value of stock and stock option awards and other non-cash benefits they may have received. The change represents the increase or decrease in total compensation package for each executive last year. The drop in pay for Jacksonville CEOs is unusual. An annual survey by consulting firm Towers Watson of 500 large U.S. companies that had filed their proxy statements by the end of March found that total CEO pay rose by 12 percent in 2014. Towers Watson said much of the increase came from higher value for CEO PAY... Continued on Page A-3
Stein
Akel’s leasing BofA lobby cafe Council to help day center for homeless
2 Downtown towers to see $4M in work
Facility needed $45,000 to stay open
Two Downtown towers, one on the Northbank and one on the Southbank, are slated for $4 million in renovations –– and food. On the Northbank, Akel’s Delicatessen leased the long-closed café in the Bank of America Tower at Laura and Forsyth streets. Look for that to open this summer. Also in the Bank of America Tower, the Smith, Gambrell & Russell LLP firm is expanding and renovating, becoming the third major law firm there to remodel in the past year. The Bank of America Tower at 50 N. Laura St. is the city’s tallest building at 42 stories. The Akel’s renovation is a $230,000 project, while the Smith, Gambrell & Russell remodeling is almost $770,000, according to building-permit applications. On the first floor, Marwan Akel, who owns several Akel’s Deli locations Downtown and in Southside, will take the lobby space where an eatery closed in 2009. Akel said Tuesday he anticipates 75 to 100 seats, inside the café and in the lobby, and to serve 7 a.m.-3 p.m. Monday-Friday. “We draw a lot of business,” he said. “People learn who we are and follow us.” Akel, who works with family members at the delis, said he would be running the new Downtown location. It won’t be far from the Akel’s Delicatessens in the JEA Tower at 21 W. Church St., near EverBank Center at 315 W. Forsyth St. and at 245 Riverside Ave. Downtown workers have been wondering for six years when the high-profile corner would re-open, especially in the wake of the recent closing of the Skyline Dining Café on the top floor of the tower. The permit application shows Adams Interior Contractors will renovate the 2,111-square-foot café area with more than 30 seats inside the space. “It will bring some activity to the lobby
Public
The Bank of America Tower lobby cafe could re-open as Akel’s Deli this summer. area and it will be nice,” said Jenny Wilkes, property manager for landlord Hertz Investment Group. Also in the lobby, Wilkes said Urban Grind, a local company, renewed its lease last year. And the gift shop, Tower Cards & Gifts, was just leased by Joy Lee, who had been running the shop but now is the official tenant. “The local proprietors will complement each other’s businesses,” she said. Smith, Gambrell & Russell is renovating
legal notices begin on page
B-1
Photo by Karen Brune Mathis
By David Chapman Staff Writer
space on the 26th and 29th floors, totaling more than 24,000 square feet of remodeled space. Dav-Lin Interior Contractors will renovate the space. The firm’s website shows it has 34 attorneys in the Jacksonville office. The firm operates in Jacksonville, Atlanta, New York, Washington, D.C., and Frankfurt, Germany. Wilkes said the law firm renewed its lease for the 26th floor. She said it also had Mathis... Continued on Page A-2
Published
for
Along the chain-link fence that surrounds the nondescript Downtown building, about a dozen or so people line the sidewalk, sitting in the shade from small trees or a tent. Where they cluster, there’s minimal chitchat — no debates of the time on this May afternoon featuring weather that hasn’t yet caused people to seek cooler surroundings. For three days each week, the building within the fence provides brief refuge for the homeless and under-housed. It’s the Jacksonville Day Resource Center, the temperature-controlled facility that provides showers, laundry, computers and other basic amenities. It’s been fully operational since October 2013, funded by a $70,000 Wells Fargo grant and $120,000 Community Development Block Grant. The one-year pilot program was extended to present day through another $60,000 provided to the center’s fiscal agent, the Emergency Services & Homeless Coalition. Now, though, it needs another $45,000 to keep it going until the end of the fiscal year in September, including through those brutal summer months. Blocks away, City Council members took action Monday and Tuesday to ensure that, unanimously voting in three committees to provide the funding from interest earnings on old grants. The building is owned by City Rescue Mission, which is providing it rent free. The money pays for two peer specialists, utilities and supplies for laundry and cleaning, said Dawn Gilman, Emergency Services CEO. To date, the facility has served 600 people, mainly in Downtown. The best outcomes, she said, have been with homeless veterans — 200 have been engaged, with about 50 finding housing and jobs.
26,650
Center... Continued
on
Page A-3
consecutive weekdays