Vancouver-based Northwest Pipe Co. will pay the incoming executive chairman of its board of directors — Richard Roman — an initial base salary of $240,000 beginning Jan. 1, 2013, the company said Thursday.
Roman, who will step down as the company’s president and CEO at the end of this year, will not be eligible for certain other bonus or incentive plans but will “continue to vest in any bonus or incentive awards made to him before Jan. 1, 2013,” as long as he is employed by Northwest Pipe, the company said in a filing with the U.S. Securities and Exchange Commission.
Scott Montross, the company’s current executive vice president and chief operating officer, will replace Roman as president and CEO on Jan. 1. Montross will receive an annual base salary of $500,000 and will have access to bonus and incentive compensation programs. Montross also will become a member of the company’s board on Jan. 1.
Northwest Pipe manufacturers steel pipe primarily for drinking water systems.
The company’s stock, which trades as NWPX, closed up 33 cents Thursday, at 23.35 per share. The company's shares have traded between $18.87 and $27.11 in the past 52 weeks.