On Friday, Allied Security Holdings L.L.C., of King of Prussia, signed off on a new employment agreement for its longtime CEO, William C. Whitmore Jr.
Allied Security is one of the nation's largest providers of security guards for shopping malls, office buildings and college campuses. It is 70 percent owned by Ronald Perelman's MacAndrews & Forbes Holdings conglomerate.
Under the new five-year agreement, Whitmore's annual base salary rises from $544,000 to $675,000, according to a filing with the Securities and Exchange Commission. The board's compensation committee will consider increasing that annual salary:
... based on comparisons with salaries of chief executive officers of comparable companies in the Philadelphia, Pennsylvania, geographic area, using a four percent increase as a benchmark.
(So, assuming Whitmore were to get a 4 percent increase next year, that would push his salary to $702,000.)
He is also eligible for an annual incentive bonus of 50 percent of his salary.
