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Continued: What they earned at Gander Mountain Co., Supervalu
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MARK BAKER, CHAIRMAN & CEO, GANDER MOUNTAIN
Total compensation: $1,292,410 for the year ended Jan. 31
Salary: $196,154
Non-equity incentive pay: $767,995
Other compensation: $112,771
Exercised stock options: $215,490
New stock options: 90,000
Total return to shareholders: -51.6 percent
Note: Baker's total compensation went up 34 percent over last year, despite the company losing $31 million and the stock price being halved. The company ditched a new compensation plan it installed midway through the year that was heavy on incentive pay and cut base salary. Baker's base salary was to go to zero and his incentive compensation was to be a fraction of initial margin for each fiscal month as reflected in Gander Mountain's internal financial statements. The new incentive plan was terminated by the compensation committee on the first day of fiscal 2008 and a new incentive plan based on pretax income was put in place. Baker's annual salary for 2008 was reset to $650,000.
Chief Financial Officer Bob Vold said the compensation committee decided to take a different approach this year, but reversed course when Gander's sales didn't live up to expectations.
"We tried something, it didn't work. That doesn't mean the intentions weren't good," he said. "The economic performance, i.e., net income, has to be there in order for executive management and the team to make a bonus in fiscal 2008."
JEFFREY NODDLE, CHAIRMAN & CEO, SUPERVALU INC.
Total compensation: $11,489,001 for the year ended Feb. 28
Salary: $1,130,608
Non-equity incentive pay: $1,301,047
Other compensation: $73,963
Exercised stock options: $4,263,123
Value realized on vesting shares: $4,720,260
New stock options: 107,079
Total return to shareholders: -27.6 percent
Note: The company expensed $2,531,951 worth of stock awards and $2,672,922 worth of option awards for Noddle last year.
The company had targeted Noddle's 2008 compensation at $7.6 million. Supervalu uses a compensation formula for its targeted figure different from the method used above, but Noddle did better than the target level, mainly through the exercise of long-held stock options and the vesting of restricted shares.
Compensation for Baker and Noddle were from proxies released this week. Neither proxy arrived in time to make the Star Tribune's annual look at CEO compensation, which appears Sunday.
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