Brian Cornell, chairman and chief executive officer of Target Corp., pulled in $4.8 million in incentive pay last year, up from nil in 2016, but still saw his overall compensation drop 25.5 percent to $8.4 million as the timing of his stock awards changed.
A filing with the Securities and Exchange Commission showed the ceo received no stock awards last year, down from awards valued at $9.7 million in 2016. Target gave stock awards to its executives in March this year instead of January, when they would have fallen into fiscal 2017. Had the awards been given on the prior schedule, the retailer said Cornell’s total direct compensation would have been $13.5 million.
Cornell’s take last year included a salary of $1.3 million, option awards valued at $2 million and other compensation of $263,208.
Under new regulations, Target also identified the company’s median pay, excepting the ceo, and said it was a part-time worker who earned $20,581. That puts Cornell’s compensation at 408-times the company’s median pay.