Last year was unkind to Imation Corp., the Oakdale global data storage and information security company. The firm reported an operating loss of more than $100 million. Its revenue tanked by 15 percent.
But in the rarefied air of the executive wing at Minnesota's 35th largest public company, that only meant CEO Mark Lucas was worthy of a whopping raise.
While his company was taking a dive, Lucas's pay nearly doubled to $4.8 million. Most of that came courtesy of $1.6 million in stock awards. He pocketed a mere $235,000 the previous year.
The rest came thanks to $750,000 in salary and $2.3 million in incentive pay, according to the company's Securities and Exchange Commission filing.
City Pages called to see how one makes $2.3 million in bonuses while losing $100 million, but spokesman Jason Sprenger did not respond to repeated interview requests.
The company's stock has also lost about one-third of its value in the last year, dropping from a high of $6.30 to a more modest $4 today.
Send tips to Cory Zurowski.