Monday, April 11, 2011

A123 execs see salary increase amid 2010 net loss

By Kyle Alspach

A123 Systems Inc. (Nasdaq: AONE) reported Monday that several of its top executives are slated to get salary increases in fiscal 2011, according to a regulatory filing.

The Waltham-based firm develops and manufactures lithium-ion batteries for a number of markets, including electric vehicles. The company has seen its stock fall in recent weeks following a 78 percent wider net loss in 2010 and a $223 million offering of stock and bonds.

A123 said Friday that the offering has been increased to $253.9 million because underwriters have exercised options to buy additional shares and notes.

For fiscal 2011, CEO David Vieau is scheduled to receive a base salary of $450,000, up 20 percent from his fiscal 2010 salary of $375,000, A123 said in a U.S. Securities and Exchange Commission filing. Vieau can also receive up to 100 percent of his base salary as a bonus, according to the filing.

Other top execs that are scheduled to receive higher base salaries include automotive systems vice president Jason Forcier — who will receive $331,250 in fiscal 2011, up from $265,000 — and operations vice president Louis Golato, who is slated to get a base salary of $288,750, up from $275,000.

A123 recently announced it has has been chosen to produce battery packs for a pure-electric vehicle by a “major” North American automaker, which is expected to hit the market in 2013.

A123 said it will be producing the battery packs at its factory in Livonia, Mich., and the company began delivering engineering battery packs late last year. The North American automaker was not named.

Shares in the company were up about 1.4 percent early Monday afternoon, to about $5.63. The stock is down from $9.48 at the end of February.