Herman, Steelcase execs' pay increased

GRAND RAPIDS, Mich. (WOOD) - Herman Miller is projecting it will cut between 400 and 650 jobs – most of which are expected to be manufacturing layoffs and could happen in our region.

The company hopes to cut down on the layoffs necessary by offering a 50 percent bonus to the severance agreement of employees willing to leave.

Steelcase put out a warning letter stating up to 300 production jobs could be cut. Temporary jobs will be the first to go. A company spokeswoman says buyouts are a possibility as well.

Before the international economic crisis reached its peak, some of the top officials at both companies received pay raises.

From 2007 to 2008, Herman Miller President and CEO Brian Walker's base salary went up from $625,961 to $664,615. With bonuses and incentives, he earned $2.58 million in 2007, increasing to $2.95 million in 2008 -- an earnings increase of more than $300,000.

Steelcase President and CEO James Hackett's base salary went up from $832,308 to $869,885. With bonuses and incentives, he earned $5.01 million in 2007, increasing to $5.18 million in 2008 -- an increase of more than $1.6 million.

Of course, other companies have and continue to compensate their executives the same way.