BONUS, STOCK OPTIONS BOOST TARGET CEO ULRICH’S ’99 PAY

NEW YORK — Robert Ulrich, chairman and chief executive of Target Corp., was paid $9.8 million in 1999, up from $5 million the prior year, according to a filing with the U.S. Securities and Exchange Commission
Ulrich earned the same $1.03 million salary in 1998 and 1999, but his bonus grew to $3.5 million from $2.3 million and long-term payouts climbed to $4.8 million from $1.6 million due to the retailer’s solid earnings performance. Target’s earnings last year grew 22.4 percent to $1.14 billion, or $2.54 a share, as revenues advanced 9.9 percent to $33.7 billion.
Ulrich also realized a gain of $4 million from exercising options on 65,034 shares of stock.
Among other executives, Gregg Steinhafel, president of Target, earned $3.8 million against $1.87 million; John E. Pellegrene, executive vice president of marketing at the Target chain and the corporation, $3.8 million against $2 million; Kenneth B. Woodrow, vice chairman of the corporation, $3.6 million versus $1.34 million, and Larry V. Gilpin, executive vice president of team, guest and community relations at Target and the corporation, $3.6 million versus $1.35 million.
Earlier this year, the company changed its name to Target Corp. from Dayton Hudson Corp. The Target unit accounts for about 75 percent of its revenues.
Target’s 10K noted that revenues per square foot grew to $264 from $253 at the Target chain and to $220 from $219 at the department store division, but slipped to $189 from $191 at Mervyn’s. Net advertising costs grew to $791 million from $745 million in 1998 and $679 million in 1997.
The firm said it planned to reinvest between $2.5 billion and $3 billion through capital investment and repurchase of shares. It plans to open 80 new Target stores, including its first units in West Virginia and Connecticut. It ended last year with 912 Target locations, 296 department stores and 267 Mervyn’s.