Starbucks CEO Schultz's pay rose 45 percent in 2010
Starbucks chairman and CEO Howard Schultz's compensation rose nearly 45 percent to $22 million in fiscal 2010 as the company roared back...
The Associated Press
SAN FRANCISCO — Starbucks chairman and CEO Howard Schultz's compensation rose nearly 45 percent to $22 million in fiscal 2010 as the company roared back from the recession with rising revenue and profit nearly twice 2009's.
Schultz, who had left the company but returned during the recession to lead its turnaround, got a salary of $1.3 million, double what he received in 2009, according to a company filing with the Securities and Exchange Commission on Friday.
He also got nonequity compensation of $3.5 million, and $16.7 million in stock and options. That's 35 percent more stock and options than he received in fiscal 2009.
Schultz received $231,664 worth of perks, about 75 percent less than in 2009. That included more than $210,000 in personal security, about $6,000 in insurance premiums and a $15,000 retirement-plan contribution.
Seattle-based Starbucks' profit nearly doubled as its revenue rose 17 percent for the fiscal year that ended Oct. 3. The improvement came as more people visited its cafes and spent more time in them.
Starbucks, which reported last week that its first-quarter profit rose 44 percent from a year earlier, expects the good news to continue for the rest of fiscal 2011.
The company said more customers came into its stores and spent more during 2010s holiday season.
The Associated Press's compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation — of which Schultz received none — and the estimated value of stock options and awards granted during the year.
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 Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.