Target CEO Brian Cornell sees salary cut in 2022
Brian Cornell, Chairman and CEO of Target Corp., saw his total compensation cut by 10, 6% to $17.7 million last year, from $19.8 million in 2021, as his bonus and incentive compensation declined.
As is typically the case with CEOs of large retailers, the bulk of Cornell - $14.5 million - took the form of stock awards, the actual value of which will depend on how the company's stock performs on Wall Street. The idea is to link the wealth of the CEO to that of the investors.
Cornell received a salary of $1.4 million. However, his bonus and incentive compensation fell 71% to a total of $1.1 million from $4 million in 2021 – reflecting the difficult consumer environment last year, which put pressure on Target and its competitors.
Related GalleriesThe compensation was reported in the company's proxy statement to regulators, which included a letter to shareholders from leading independent director Monica Lozano, who said 2022 has proven "even more unpredictable than expected".
“On the one hand, families began to emerge from the pandemic, picking up traditions and routines that had been delayed or diminished for two years,” Lazano said. “At the same time, families faced new challenges, including high inflation. This has complicated the return to pre-pandemic norms and forced millions of people to focus on necessities and change their shopping habits accordingly."
The director praised Target's management team and said they "made quickly adapted taking into account the interests of stakeholders.”
Corporate workers, among these stakeholders, saw their starting salaries increase in a range of $15 to $24 per year hour while Target also expanded "eligibility for health and retirement benefits to an additional 20% of the Target team by reducing wait times and hours of work needed to registration," Lozano said.
A shareholder also proposed that the company adopt a policy to have an independent chairman, submitting the question one vote at the company's annual meeting on June 14.
"The roles of chairman and CEO are fundamentally different and should be held by two directors, one CEO and a chairman who is completely independent of the CEO," says shareholder John Chevedden's proposal. "The CEO's job is to manage the company. The chairman's job is to oversee the CEO and management."
Target's board of directors recommended that the proposal be rejected and declared "any decision to maintaining a combined chairman and CEO role or separating these roles shall be based on the specific circumstances of Target, the independence and capabilities of its directors, and the leadership provided by its CEO."
Brian Cornell, Chairman and CEO of Target Corp., saw his total compensation cut by 10, 6% to $17.7 million last year, from $19.8 million in 2021, as his bonus and incentive compensation declined.
As is typically the case with CEOs of large retailers, the bulk of Cornell - $14.5 million - took the form of stock awards, the actual value of which will depend on how the company's stock performs on Wall Street. The idea is to link the wealth of the CEO to that of the investors.
Cornell received a salary of $1.4 million. However, his bonus and incentive compensation fell 71% to a total of $1.1 million from $4 million in 2021 – reflecting the difficult consumer environment last year, which put pressure on Target and its competitors.
Related GalleriesThe compensation was reported in the company's proxy statement to regulators, which included a letter to shareholders from leading independent director Monica Lozano, who said 2022 has proven "even more unpredictable than expected".
“On the one hand, families began to emerge from the pandemic, picking up traditions and routines that had been delayed or diminished for two years,” Lazano said. “At the same time, families faced new challenges, including high inflation. This has complicated the return to pre-pandemic norms and forced millions of people to focus on necessities and change their shopping habits accordingly."
The director praised Target's management team and said they "made quickly adapted taking into account the interests of stakeholders.”
Corporate workers, among these stakeholders, saw their starting salaries increase in a range of $15 to $24 per year hour while Target also expanded "eligibility for health and retirement benefits to an additional 20% of the Target team by reducing wait times and hours of work needed to registration," Lozano said.
A shareholder also proposed that the company adopt a policy to have an independent chairman, submitting the question one vote at the company's annual meeting on June 14.
"The roles of chairman and CEO are fundamentally different and should be held by two directors, one CEO and a chairman who is completely independent of the CEO," says shareholder John Chevedden's proposal. "The CEO's job is to manage the company. The chairman's job is to oversee the CEO and management."
Target's board of directors recommended that the proposal be rejected and declared "any decision to maintaining a combined chairman and CEO role or separating these roles shall be based on the specific circumstances of Target, the independence and capabilities of its directors, and the leadership provided by its CEO."
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