Target ex-CEO's pay fell 35 pct in final year

Print
Email
|

Associated Press

Posted on May 19, 2014 at 11:02 AM

Updated Monday, May 19 at 11:02 AM

NEW YORK (AP) — Former Target CEO Gregg Steinhafel's total pay fell 35 percent to $13 million in his last year at the helm as the board revamped compensation plans amid complaints from shareholders that he was paid too much, according to a regulatory filing Monday.

Steinhafel stepped down from the chairman and CEO role and resigned from the board earlier this month in the wake of a massive data breach in which millions of customers' information was stolen.

Steinhafel agreed to serve as an adviser while Target looks for a permanent leader.

The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.

Print
Email
|