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Family Dollar CEO Pay Valued at $4.1 Million

New York City Howard R. Levine, the chairman and chief executive of Family Dollar Stores Inc., received compensation valued at $4.1 million in the 2008 fiscal year, according to a proxy statement filed Friday with the Securities and Exchange Commission, the Associated Press reported.

The chain awarded Howard R. Levine $878,462 in base salary, a slight increase from his 2007 salary of $825,280.It also granted Levine, 49 years old, a $533,170 performance-based bonus. He also received $145,527 in other compensation, which included perks such as medical expenses reimbursement, insurance premiums and personal use of the company plane.

The company granted Levine restricted stock and option awards that had an estimated value of $2.6 million on the days they were awarded.

For the 2008 fiscal year, Family Dollar Stores' profit rose 2% to $233.1 million from $242.9 million in 2007 fiscal year. Sales for 2008 rose 2.2% to $6.98.