- The Washington Times - Tuesday, April 14, 2009

The head of closeout retailer Big Lots Inc. received compensation valued at $9.9 million in 2008, up 5.7 percent year-over-year, according to Associated Press calculations of data filed with regulators Tuesday.

Steven S. Fishman, president, CEO and chairman, received a base salary of nearly $1.2 million and a performance-based bonus of about $2.4 million, up nearly 30 percent from the prior year.

In addition, Fishman received other compensation of $32,625, including $21,119 for an automobile allowance and other amounts for health care costs and insurance premiums.

The bulk of his pay package came in the form of stock and option awards the company valued at $6.3 million on the date they were granted, slightly less than the $6.5 million worth of awards he received in 2007.

The Associated Press calculated Fishman’s pay according to a formula that’s designed to isolate the value the company’s board placed on his total compensation package during the last fiscal year. The AP formula includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation 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.

The Columbus, Ohio-based discount retailer reported net income for fiscal 2008 of $151.5 million, or $1.85 per share, down from $158.5 million, or $1.55 per share. Annual revenue was $4.65 billion, down from $4.66 billion for fiscal 2007. However, the company has said it expects profit in fiscal 2009 will be above Wall Street estimates.

The value of Big Lots shares fell nearly 11 percent during the 2008 fiscal year. Shares ended Tuesday up 5 cents at $24.07.

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