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Exec compensation results for 2003


A modest raise boosted Principal Financial Group Inc. Chairman J. Barry Griswell to a $1 million salary in 2003, a year that brought double-digit compensation increases to executives at a few of Central Iowa’s publicly traded companies but total-package declines to others. Here are executive compensation summaries for companies whose fiscal year ended Dec. 31, 2003:

Griswell, who also holds the titles of president and chief executive officer at Principal, received a $1.3 million bonus in addition to his 1.8 percent salary increase. His $2.3 million total compensation package represented a 12.3 percent increase over 2002.

AmerUs Group Co. Chairman and CEO Roger Brooks’ salary rose 6.8 percent to $743,333. Add a $1 million bonus to the picture, and Brooks recorded a 25 percent increase in total compensation over 2002. Also at AmerUs, President and Chief Operating Officer Thomas Godlasky saw his total compensation zoom up by 89 percent: his salary increased by 18 percent to $545,833 and he received an $800,000 bonus, compared with $250,000 the previous year, for a total of more than $1.3 million.

FBL Financial Group Inc.’s CEO, William Oddy, received a 14.3 percent salary increase to $617,971 and added a bonus of $232,610. His $850,581 total compensation package was 17 percent greater than the previous year.

At Sauer-Danfoss Inc., President and CEO David Anderson received a 7.5 percent salary increase to $444,369. A bonus of $186,635 put his total compensation at $631,004, a 6.8 percent improvement.

Bruce Kelley, president and CEO of EMC Insurance Group Inc., was paid $507,962 in salary, a 12 percent increase, but received a smaller bonus of $302,890. The resulting sum of $810,852 was a decline of 4 percent in total compensation.

Maytag Corp. chairman and CEO Ralph F. Hake received a 5 percent salary hike to $841,667, but no bonus after getting an $800,000 bonus in 2002, so his total compensation fell by 47 percent.

West Bancorporation Inc., the parent company of West Bank, paid Chairman, President and CEO Thomas Stanberry a salary of $166,667 and added a bonus of $136,666 for a total of $303,333. Stanberry has held the jobs for a little more than one year.

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