’99 COMPENSATION OF SEARS’ MARTINEZ ROSE 73%
NEW YORK — Arthur Martinez, chairman and chief executive of Sears, Roebuck & Co., saw his compensation surge 73 percent last year, to $4.12 million.
Pay for Martinez included $1.2 million in salary, a $2.2 million bonus, $455,835 in long-term payouts and $269,851 in other compensation, according to Sears’ proxy statement filed with the Securities and Exchange Commission on Friday.
In comparison, Martinez received $2.38 million in 1998, including a $980,088 bonus and $1.15 million salary.
“Martinez’s 1999 target bonus was based on a preapproved target level of improvement in the company’s earnings-per-share over the prior year,” the company’s compensation committee said in the proxy.
Sears’ earnings for 1999 rose 38.1 percent to $1.45 billion, or $3.81 per share, from $1.05 billion, or $2.68, in 1998.
Excluding noncomparable items, income advanced 13.8 percent to $1.48 billion, or $3.89, from $1.30 billion, or $3.32 per share.
Martinez, 60, announced last week that he would step down as chief of the Chicago-based company by the end of the year, and the firm hired Heidrick & Struggles International to find a successor.
Among other executives, Mark Cohen, president of Softlines and chief marketing officer, earned $2.5 million, including a $625,000 bonus and $1.13 million in restricted stock awards. Alan J. Lacy, president of Services, was paid $2.7 million; Julian C. Day, executive vice president and chief operating officer, $2 million, and Anastasia D. Kelly, executive vice president and general counsel, $2.08 million.