Franchising, retail, business
04/06/2014
Many retailers may be singing the blues. But retailing executives continue to see the green.
The latest: Bed, Bath & Beyond CEO Steven Temares, who received compensation valued at about $50 million in 2013, the home furnishings chain reported Wednesday in its annual proxy.
Temares received compensation valued at $19.1 million, including $3.8 million in salary, $13 million in stock and stock options and nearly $1.8 million in deferred compensation. That's up 20% from $15.9 million in 2012.
Temares gained another $25.1 million exercising stock options and $6.6 million from vested shares, up 85% over the $13.5 million he gained from vested shares and exercising stock options in 2012.
Bed, Bath & Beyond shares rallied nearly 400% from their 2008 recession lows of about $16 to December's $80.54 peak. Year-to-date, however, the stock has fallen nearly 25% on lower-than-expected sales.
Temares, 55, has been CEO of the 1,496-store chain since 2003. He's among several industry execs to pocket generous compensation packages in 2013, a year marked by sluggish overall retail sales and tepid consumer interest. Among those with the biggest paydays:
Glenn Murphy, CEO of The Gap, received about $18.7 million, realizing another $62.7 million in gains from vested shares and exercising stock options.
Restoration Hardware's Gary Friedman received pay, incentives and stock options worth $36.5 million and gained nearly $29.5 million from vested shares.
TJX chief executive Carol Meyrowitz received $22.5 million and gained $10.8 million from vested shares.
Wal-Mart valued CEO C. Douglas McMillon's compensation at $25.6 million. His predecessor, Mike Duke, resigned in January with a deferred compensation package valued at $140 million.
Gregg Steinhafel's last year at troubled Target also paid off. While Target slashed his compensation to $12.9 million from $20.6 million in 2012, his golden parachute is worth more than $54 million. He also gained almost $14 million last year from stock options and vested shares.
Fonte: usatoday.com
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