LAS VEGAS (AP) -- Specialty chemical maker American Pacific Corp. said Tuesday that its board elected Jan Loeb to the new position of independent lead director.
The position is designed to boost the board's focus on corporate governance matters. Loeb will preside at executive sessions of the board and be responsible for discussing the results of those sessions with the company's CEO, American Pacific said.
Loeb joined the board in 1997. He has served as president and a director of investment firm Leap Tide Capital Management Inc. since 2007.
In 2012, non-employee directors of American Pacific received an annual retainer of $30,000, plus a $1,100 fee for each meeting they attend, according to filings with the Securities and Exchange Commission. Committee meeting fees are $800. Non-employee directors may also receive stock options, restricted stock, restricted stock units or stock appreciation rights.
Loeb received $67,675 in fees and restricted stock awards in 2012.
American Pacific shares rose 7 cents to $30.04 in morning trading.