The CEO of discount retailer Target Corp. received a pay package in 2010 worth $23.9 million, 83 percent more than he made in 2009, because he became eligible for enhanced pension benefits and his stock awards rose as the company’s performance improved, according to documents Target filed Friday with the Securities and Exchange Commission.
Gregg Steinhafel, 56, received a base salary of $1.5 million and a bonus of $1.2 million, according to Associated Press calculations.
He received stock options worth $3.2 million and stock awards worth $8 million when they were granted. That includes a stock award of $3.25 million he got in March 2010 that includes both a $1.1 million bonus for 2009 and part of his performance-based bonus for 2009.
Steinhafel also received a performance-based bonus of $4.1 million and above-market returns of $376,229 from the nation’s second-largest discounter.
His perks were worth $5.5 million, including an extra pension plan payment related to the fact that he turned 55 during calendar 2010 plus nearly $2.6 million from a supplemental pension plan that has been frozen to new participants since 1989. Steinhafel joined the company more than 30 years ago.
Steinhafel has been CEO since 2008. During his tenure, Target, which has carved out a niche as a cheap chic discounter, has expanded its food selection and planned for new stores outside the U.S., in Canada. During the year, Target’s net income rose 17 percent while its revenue rose 3.1 percent to $67.39 billion. Minneapolis-based Target’s share price rose 24 percent during the year.
Steinhafel began with the company in 1979 as a merchandising trainee. He is a graduate of Northwestern University’s Kellogg School of Management.
