SEARS’ MARTINEZ GOT $5.2M IN ’95
NEW YORK — Arthur Martinez, chairman and chief executive officer of Sears Roebuck & Co., received $5.2 million in total compensation last year, according to the company’s 1995 proxy statement.
Sears said it paid Martinez $1.02 million in salary, slightly over $1 million in bonus and $172,000 in other compensation. He also received $3.03 million as part of a long-term incentive earned over three years and paid out in March. In addition, Martinez received 222,000 stock options.
In 1994, Sears paid Martinez a salary of $931,250, a bonus of $1.1 million and $35,000 in other compensation.
Martinez became chairman and ceo of Sears Merchandising Group in September 1992. He was named chairman and ceo of the parent company in August 1995 after Edward Brennan retired.
Martinez is widely credited with leading the revitalization of Sears, which operates 800 mall-based units, HomeLife furniture stores and hardware and appliance retail units. The company reported record earnings of $1.03 billion last year on sales of $34.9 billion.
Under Martinez’s direction, Sears has given more space to apparel in its mall stores by moving categories such as furniture to off-the-mall locations, created a new marketing campaign around the “softer side” theme and launched new private label lines such as Canyon River Blues in denim and Circle of Beauty in cosmetics.
The changes have helped Sears achieve some of the strongest same-store sales in the retail industry for two years. The retailer is projecting same-store gains in the mid-single digit range in 1996.
Last year, Brennan earned $760,000 in salary, $1.32 million in bonus and $5.9 million in other compensation, including $4.8 million in cash severance. He also received 339,000 stock options and $3.5 million in long-term incentive awards. — Fairchild News Service