Summer Infant CEO Stebenne made $687K in 2015

ROBERT STEBENNE, the new president, CEO and chief operating officer of Summer Infant, made $686,945 in 2015.
ROBERT STEBENNE, the new president, CEO and chief operating officer of Summer Infant, made $686,945 in 2015.

WOONSOCKET – In 2015, a year consumed by a company lawsuit, Robert Stebenne, the new president, CEO and chief operating officer of Summer Infant Inc., made $686,945.
Stebenne’s base pay was $242,308, while he received $415,000 in option awards.
Stebenne was appointed president and COO of the baby product maker in March 2015. Prior to that appointment, he served as a director of the company, and was paid $65,000.
He took over the CEO role two months later from Carol Bramson, whose resignation was announced at the same time Summer revealed it was suing her as well as two other former company executives and company consultants in federal court, alleging theft and misappropriation of trade secrets. Summer Infant alleged they were trying to create a competing company.
Bramson took home $264,654 last year; in 2014, she was paid $651,634.
After Stebenne, the next-highest paid executive was Chief Financial Officer William Mote, who made $426,561, an increase of 224 percent compared with $131,777 in 2014.
Kenneth N. Price, former president global sales and marketing, was the fourth-highest paid executive, making $222,788. Price, who left the position in May, was one of the executives named in the lawsuit.
The company has since reached a confidential settlement with two of the defendants that were former consultants to the company.
In addition, director Dan Almagor was paid $481,602 last year – $242,583 in cash and $239,019 in stock awards. Almagor was the highest paid among the eight directors. Richard Wenz was the next-highest paid at $91,016.

Summer Infant also saw its loss widen significantly in 2015.
It said the loss for the year that ended Jan. 2 was $8.7 million, or 47 cents per diluted share, compared with a loss of $245,000, or 1 cent per share, a year earlier. Its first-quarter earnings release is slated for May 7.

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