NEW YORK — Target Corp. said in a proxy filing Monday that it paid Robert J. Ulrich, chairman and chief executive officer, $36.4 million last year.
The company praised Ulrich's leadership, saying in the Securities and Exchange Commission filing that "an investment of $10,000 in our stock at the beginning of his tenure [in 1994] as ceo would have a market value of approximately $110,000 today, including reinvested dividends."
The company said that, during Ulrich's tenure, the ceo has had a "powerful impact on our strategic direction, financial performance and the strength of our reputation."
In 2006, Ulrich's base salary was $1.7 million, and he received a bonus of $3 million. He received stock awards totaling $16.6 million and stock options valued at $8.6 million. Target presented the compensation under the SEC's new "plain language" requirements, which lists total pay that includes stock options and awards. In 2005, Ulrich's total annual compensation — not including stock options and awards — was $8.3 million.
The company said in the filing that it will hold its annual meeting on May 24 at 1 p.m. in a Target store in Cleveland at 3100 West 117th Street. The company said the site was picked to "showcase our latest general merchandise store design in the latter stages of construction prior to opening. This store is scheduled to open in July 2007."
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