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Schweitzer Elected Chairman Of Stillwater Board

Wall Street analyst John Bridges, of J.P. Morgan, said a succession plan for McAllister had been initiated a year ago when two new board members came on, so it came as no surprise he's leaving.

He added that the primary changes sought by Schweitzer and the Clinton Group already have come to pass, with the company pulling back on spending in Argentina and devoting more capital to expansion plans in Montana.

McAllister was bringing in about $5 million a year over the last years in the dual role of chairman and CEO. Schweitzer said it will be up to the board's compensation committee to recommend how much to pay whoever fills those two positions now that they have been separated.

Under the prior board, company directors made roughly $200,000 annually, ranging in 2012 from a low of $187,240 to a high of $241,754 among those directors who served the entire year.

___

Brown reported from Billings, Mont.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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