Target Details CEO Brian Cornell $19.8 Million Pay Package
Target Corp. chairman and chief executive officer Brian Cornell logged $19.8 million in total compensation for the second-straight year in 2021, as the discounter went from strength to strength despite the turmoil of the pandemic.
The bull’s-eye retailer pushed comparable sales up 12.7 percent last year — on top of the 19.3 percent gain seen in 2020, when the company received an “essential retailer” boost and was able to stay open during mandated COVID-19 lockdowns.
Most of Cornell’s take last year was made up of stock awards, which were valued at $13.7 million, although their true value will depend on how the company’s stock price performs, linking the CEO’s pay with shareholder success.
Cornell also received a salary of $1.4 million, a $1.2 million bonus, $2.8 million in other incentive pay and certain perks, including $224,997 for private use of company aircraft for security reasons.
The company’s proxy statement with the Securities and Exchange Commission detailed the pay package and also set Target’s annual meeting for June 8.
And clearly, the retail giant feels it will have a strong report for shareholders at the meeting.
Monica Lozano, Target’s lead independent director, described 2021 as a “consequential year for Target” in a letter to shareholders.
“It was the fifth full year of deep investment in an outstanding team and a long-term growth strategy; it was the second full year of uncertainty in the face of the resurging pandemic,” Lozano said. “Through the positive developments, like widespread availability of COVID-19 vaccines, and the unforeseen twists, like rising inflation and global supply-chain constraints, the Target team showed what it means to stay true to its purpose — and to grow and win in the marketplace by caring for all stakeholders.”
Lozano added that the company has “many additional years of growth potential ahead, stemming from past and continuing investments” including in its employees. Earlier this year, Target laid out a $300 million investment in wages and expanded healthcare benefits for employees, working to build up its team in a period of intense competition for workers.
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