A sign of the slower economic times, the Associated Press is reporting Costco Wholesale Corp.’s president and CEO, James Sinegal’s overall pay saw a 28 percent drop in 2009, according to a proxy statement filed Friday with the Securities and Exchange Commission.
Sinegal received compensation valued at $2.7 million for the 2009 fiscal year, calculated to include executives’ salary, incentives, perks, stock options and deferred compensation awards granted during the year. He was also awarded a sizable $75,000 bonus — albeit 6 percent smaller than his bonus in 2008.
According to the filing, Sinegal was awarded a $350,000 salary, unchanged from the prior year. And he had no above-market earnings or compensation, which accounted for most of the decline.
He also received stock options worth an estimated $2.2 million, and $78,576 in other perks, up from last year, including 401k contributions, insurance premiums and a car allowance.
Costco’s performance, like many retailers, slumped as consumers cut back on spending. But the warehouse club operator has been one of the stronger retailers during the recession because of its focus on lower prices and everyday necessities.
The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
The company reported that its profit fell 15 percent to $1.09 billion, or $2.47 per share, for the full year, and its revenue dipped 2 percent to $71.42 billion.