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CEO pay watch: Target's Ulrich: $116 million
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Robert Ulrich
Gregg Steinhafel
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Robert Ulrich, chairman, CEO, Target Corp.
Total compensation: $115,997,480 for the year ended Jan. 31, 2008
Salary: $1,661,538
Bonus: $2,200,000
Non-equity incentive pay: $685,440
Other compensation: $1,238,898
Exercised stock options: $93,497,000
Value realized on vesting shares: $16,714,604
New stock options: 255,677
Total return to shareholders: 8.9 percent
Note: Ulrich will retire May 1, having reached the mandatory retirement age of 65. He has spent his entire career with Target (and related companies) starting as a merchandise trainee for Dayton Corp. in 1967. He has been CEO since April 1994, when the company was Dayton Hudson Corp. During his tenure as CEO, Target has nearly tripled the number of store locations, increased sales more than four times, adopted its current corporate name and sold its department store division.
Last year, Target didn't meet all of its short-term incentive goals, a fact reflected in the compensation of Ulrich and other senior managers. Non-equity incentive pay of $685,440 -- largely based on financial measures -- was down from $3.1 million last year. The $2.2 million bonus, set at the board's discretion, was down from $3 million in 2006. It reflects financial measures but also succession planning and the transition of the CEO role to Gregg Steinhafel.
Ulrich's long-term compensation is a reflection his tenure and the success of Target. The bulk of the compensation was $93.5 million from the exercise of 10-year-old stock options.
Over Ulrich's career, he has set aside large portions of his compensation in various deferred compensation plans. The balance of Ulrich's deferred compensation is $140.8 million.
Steinhafel, who's been with Target for 28 years, took home $12.9 million in compensation last year, including $6.2 million from stock option gains and $4.7 million from vesting of stock awards. The board of directors and compensation committee set Ulrich's compensation at the top of Target's peer group, to reflect his tenure and performance. It has targeted Steinhafel's total direct compensation as CEO at the 60th to 75th percentile level of Target's peer group.
PATRICK KENNEDY
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