Brian Cornell hit the bull’s-eye.
The Target Corp.’s chief executive officer and chairman’s compensation package tallied $19.8 million last year, a 4.3 percent gain from 2019, according to a regulatory filing with the Securities and Exchange Commission on Monday.
The bulk of his compensation came from stock options valued at $12.3 million — although the CEO might not realize that value given the vesting schedules and the share price fluctuations. His take also included a salary of $1.4 million, a bonus of $1.1 million and incentive pay of $4.5 million.
Additionally, Cornell received other compensation, including “perquisites” valued at $228,929. Target said: “Mr. Cornell is eligible only for perquisites that serve a business purpose for Target or support his safety, health and well-being, namely: reimbursement of home security expenses, on-site parking, executive physical and personal use of company-owned aircraft (including use to travel to outside board meetings) for security reasons. The only individual perquisites that exceeded $25,000 were Mr. Cornell’s personal use of company-owned aircraft for security reasons, which amounted to $214,355. No tax gross-ups are provided on these perquisites.”
Cornell is one of the highest-paid CEOs in retail and fashion, but he’s not at the very top of the list. Of the 2020 pay packages that have been filed with the SEC so far, Walmart Inc.’s Doug McMillon (with 2020 compensation of $22.6 million), and Gap Inc.’s Sonia Syngal ($21.9 million) lead the way.
At Target, Cornell has gotten high marks for steering the company through the first rushes of the pandemic, when the discounter was one of the few retailers that stayed open, providing essential goods to shoppers.
The company’s stock has risen 85 percent over the past year (closing down 1.2 percent to $203.63 on Monday) as it took on e-commerce leader Amazon and positioned for the future.
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