By Julie Wernau | The highest paid executive officers at Acco Brands, the
Lincolnshire-based supplier of office products, saw salary cuts and went
without their typical bonuses and stock option grants in 2009 due to
the company’s poor and uncertain financial performance in 2009,
according to a proxy statement filed Thursday.

As the financial condition of the company deteriorated, all non-union
U.S. employees at the company took salary reductions of 20 percent
during one four-month period and an additional 33 percent during another
two-month period.

The company usually determines compensation against other similar companies, but this year compensated its employees, it said, based on what the company could afford.

In addition to taking to the other cuts, Robert J. Keller, chairman of the board and chief executive officer, took a voluntary 10 percent base salary reductions in the first half of the year for a total compensation of $720,000.

Neal V. Fenwick, executive vice president and CFO and Kriss A. Kirchoff, executive vice president of product generation organization, took base salary reductions of 5 percent in addition to the other cuts, with total compensation of $1.86 million — with $1.44 million attributable to a pension he will take at a future date — and $595,814, respectively.

Acco Brands also said the company took a financial hit last year due to relocation expenses associated with the relocation of five of the company’s named executive officers, who either joined or assumed new and expanded leaderships roles at the company.

A senior management relocation plan at the company includes relocation expenses and an offered purchase price for each executive’s home.