Four top officers of Barnes Group Inc. will collect nearly $280,000 in bonuses for meeting certain performance targets last year at the Bristol industrial products-logistics services firm, according to a regulatory filing.
President and CEO Gregory F. Milzcik drew a $151,200 bonus, followed by $51,030 for Chief financial Officer C.J. Stephens Jr.; $50,625 for Patrick.J. Dempsey, president of logistics and manufacturing at Barnes; and $26,460 for Vice President F.C. Boyle Jr., Barnes said in a quarterly filing with the Securities and Exchange Commission.
Barnes also handed out raises to three of the executives. Starting April 1, Milzcik will get $875,000, while Stephens and Dempsey each will draw $416,000, the filing said. The raise amount was not specified in the document and the company was not immediately available for comment.
Boyle didn’t get a raise because he is retiring at the end of February.
Barnes’ compensation and management development committee also set long-term incentive grants of stock and options for the three remaining officers, the filing said.
