On November 1, 2017, we sold our 100% interest in Bristow Academy for a minimum sales price of $1.5 million with potential additional consideration based on Bristow Academy’s financial performance.
Execute on Bristow Transformation
Achieving cost efficiency by optimizing our operations around two primary geographical hubs in key areas of our business, Europe and the Americas.
Pursuing OEM cost recoveries to improve liquidity.
As a result of our hub structure, we reduced turnaround times for the majority of the 1,200 hour inspections of a certain aircraft model type in our fleet and implemented corrosion programs that provided additional cost savings.
We achieved $136.0 million in cost recoveries from OEMs related to ongoing aircraft issues, of which $125.0 million was recovered in fiscal year 2018 and $11.0 million was recovered in May 2018.
CEO Pay-At-A-Glance for Fiscal Years 2016, 2017 and 2018
In considering compensation for the Company’s Chief Executive Officer, Mr. Baliff, the Compensation Committee considers the current state of the market and the Company’s business, as well as a wide range of performance indicators, including: business and personal objectives achieved; contributions to major corporate results; development and leadership efforts affecting personnel; team building; demonstration of core values; client relations; operational execution and safety; and corporate total stockholder return performance compared to peers. The Compensation Committee also considers how our CEO’s vision and leadership have positioned the Company for consistent, sustainable long-term growth and profitability.
The chart below compares target compensation for Mr. Baliff for each of fiscal year 2016, 2017 and 2018 with his realized compensation for the applicable fiscal year. While the Compensation Committee’s consultant has advised that Mr. Baliff’s target compensation is below the peer group median, the Compensation Committee did not make any change to Mr. Baliff’s target compensation over the period in part as a reflection of challenges we have faced in our business and in part due to company-wide cost cutting measures. Over the same period, Mr. Baliff’s realized compensation was significantly below his target opportunity.
CEO Realized Pay Comparison
Component of Pay
Target Pay - Definition
Realized Pay - Definition
Actual Salary Paid
Annual Cash Incentive
Actual Cash Incentive Award Paid
Target Date Value as reported
Value realized from option exercises during the year
Restricted Stock Units
Grant Date Value as reported
Value of shares vesting during the year
Target Cash Payout
Actual Cash Payout made during the year
BRISTOW GROUP INC. – 2018 Proxy Statement – 30