ULRICH PAY RISES 13.9%
NEW YORK — Target Corp. chairman and chief executive Robert Ulrich, like the firm he heads, saw his fortunes rise in 2001.
Ulrich’s salary jumped 13.9 percent last year to $1.4 million compared to $1.2 million in 2000, and his bonus leapt 48 percent to $3.7 million from $2.5 million.
His long-term incentives for the year included options on 625,000 shares of the firm’s common stock and other compensation totaling $922,000.
Target’s earnings last year rose 8.2 percent to $1.37 billion, or $1.50 a diluted share. The year’s profits were depressed by a $5 million, or 1 cent a share, aftertax charge for the early extinguishing of debt, as well as a pretax charge of $67 million, or 5 cents a share, related to securitized accounts receivables. Sales picked up 8.1 percent to $39.89 billion, and same-store sales rose 2.7 percent.