Starbucks CEO Earns $65 Million for 2011
Starbucks (NASDAQ:SBUX) CEO Howard Schultz should buy us a round of lattes. He can certainly afford to: the executive has now joined the ranks of the world’s highest-paid executives, posting a fiscal year 2011 income of more than $65 million, including salary, bonuses and stock options, reports CNNMoney.
In a proxy statement filed Thursday with the Securities and Exchange Commission, Starbucks said Schultz’ “exceptional performance and his leadership” earned him a base pay of $1.4 million, a bonus of $2.9 million and a “long-term incentive” of $12 million, for “direct compensation,” totaling almost $16.4 million.
Additionally, the statement said Starbucks paid Schultz a $12 million retention bonus and he exercised $36.8 million in stock options, bringing the grand total to $65.2 million in earnings for 2011.
Chief executives at S&P 500 companies saw an average 36.5 percent pay increase in 2011 following two years of lower pay packages, according to a prominent survey of CEO compensation.
Starbucks’ returns for the first quarter of its 2012 fiscal year show total net revenue up 16 percent to a record high of $3.4 billion, with global same-store sales up 9 percent and net earnings up 10 percent to $383 million. Earnings per share climbed a record 11 percent to 50 cents.