Salary of Target CEO’s compensation package hits $77.5M following record year
April 27, 2021
Brian Cornell, CEO of Target, saw his compensation package grow to $77.5 million last year following the retailer’s record year that saw it post a $15 billion increase in sales. Most of Mr. Cornell’s compensation comes in the form of long-term rewards. The base salary of target CEO was $1.4 million, unchanged from the year before.
Salary of Target CEO Breakdown in 2020
With incentive goals achieved, Target CEO Cornell claimed rewards for sales and operating income and maximum Team Scorecard payments totaling two annual bonuses equaling $5.6 million.
His long-term equity rewards were attained over the course of previous years and were vested or exercised in fiscal 2020 by Cornell for a total value of $70 million.
From that total value sum, there was restricted stock vested that same year worth $40.8 million. Another $29.2 million were exercised from a special grant of stock options from May 2021. These price-vested stock options were given at $55.60 per share.
Finally, these special stock options would need to reach a $75 per share for at least 20 consecutive days as a threshold in order for Cornell to exercise those options. The threshold was met and Cornell claim $152 to $155.88 per share.
In total, “Cornell’s total compensation for 2020, according to the proxy and used in the CEO pay ratio, was $19.8 million, a 4.3% increase over the prior year. The median employee compensation increased 6.3% to $24,535,” according to Star Tribune.
Salary of Target CEO Breakdown in 2022
According to Business Insider, the salary of Target CEO Brian Cornell earned a total compensation of $17.6 million in 2022 going into 2023. Furthermore, “Cornell’s pay ratio works out to 680 times that of the median worker, down from last year’s figure of 775.”
And, “By comparison, the median Target employee — a part-time hourly worker in the US — earned $25,993 from the company last year. That works out to a CEO-to-median worker pay ratio of 680 to one.”
His base salary remained at $1.4 million annually, with bonuses including stock awards, and other perks like personal access to the company’s airplane.
Compared to the previous years, Cornell’s total pay was less than in 2021 and 2022, with pay ratios of 775 and 805. This would equate to a net worth decline of more than $9.6 million after adjustments with fair value of stock awards taken into consideration.
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