Advance America boosts execs’ salaries

The board of Advance America has approved substantial salary increases for the company’s chief executive and chief financial officer, the company announced this week.

CEO Kenneth Compton’s salary is being bumped to $725,000 from $619,712 while CFO Patrick O’Shaughnessy’s will get a boost to $425,000 from $339,423, according to information filed with the US Securities and Exchange Commission.

During the 2008 fiscal year, Compton earned a total of more than $2.2 million, which included bonuses, stock awards, option awards and all other compensation, according to SEC documents.

O’Shaughnessy’s total compensation during the same period was $957,003.

Spartanburg-based Advance America saw its net income for the three months ended Sept. 30 increase to $12.6 million, up from $8.5 million a year earlier. For the previous nine months, the company earned $34.4 million, compared to $32.5 million in 2008.

Stock in Advance America is trading at more than $5.50 a share, well above its 52-week low of 80 cents.

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