Target Corp. chief executive officer Gregg Steinhafel’s pay package dipped slightly last year, but he’s already made up the difference through a restricted stock award received this year for his performance in 2009.
According to a preliminary proxy filed with the Securities and Exchange Commission Wednesday, Steinhafel, chairman, president and ceo of the Minneapolis-based discounter, earned total compensation of $13.3 million last year, down 1.4 percent from $13.5 million in 2008.
The company noted that, based on his performance in 2009, Steinhafel last month received $3.25 million in restricted stock awards. Because they were rewarded during the current fiscal year, they aren’t included in his 2009 compensation. If that amount is added to his 2009 package, his compensation would have totaled $16.6 million, 22.7 percent higher than in the prior year.
Steinhafel’s salary was essentially unchanged, rising 0.3 percent to $1.35 million, and he didn’t receive a bonus, versus the $448,000 picked up for the prior year. However, he earned $3.25 million in non-equity incentive plan compensation, up from zero for 2008. The sum of his stock and option awards slipped 26.8 percent to $7.9 million from $10.8 million. Due to vesting schedules and fluctuating stock prices, these awards aren’t necessarily realized by the executive, but are reported to the SEC.
Target reported Steinhafel’s other compensation, including perks, at $176,000, down more than two-thirds from the $540,000 logged in 2008.
To calculate non-equity incentives for its officers, Target uses a combination of earnings before interest and taxes and economic value added, which measures return on invested capital.
Last year, Target’s net income grew 12.4 percent to $2.49 billion, while sales added 0.9 percent to hit $63.44 billion. Same-store sales declined 2.5 percent.
Also on Wednesday, Limited Brands Inc. filed its definitive proxy with the SEC, a document showing that chairman and ceo Leslie H. Wexner earned $10.8 million last year, a 56.6 percent increase from 2008. His non-equity incentive compensation more than tripled to $4.9 million from $1.5 million in 2008, and the combination of stock and option awards rose 24.8 percent to $2.4 million from $1.9 million in 2008. In keeping with the more frugal trend among retail and apparel ceo’s last year, his other compensation contracted 6.9 percent to $1.2 million from $1.3 million.
Sharen Turney, president and ceo of Victoria’s Secret and Limited’s leading breadwinner in 2008, saw her overall compensation drop 62.5 percent to $7.6 million from $20.4 million in the prior year. She received $15.3 million in stock awards in 2008, “designed to provide significant retentive value,” according to the proxy. They vest over seven years, 40 percent after four years and 20 percent each after years five, six and seven.
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