New York City Howard Schultz, chairman and chief executive of Starbucks Corp., and other top executives at the specialty coffee chain did not receive a bonus in 2008, a year in which the company shuttered more than 600 stores and reported sliding sales amid a deepening recession.
According to a filing with the Securities and Exchange Commission Thursday, Schultz received compensation valued by the company at about $9.7 million in fiscal 2008, which was about 23% less than the $12.6 million he received in fiscal 2007, the Associated Press reported.
In the most recent fiscal year, Schultz earned $1.2 million in base salary, the same amount as the prior year. His overall compensation was boosted by stock options worth $7.8 million when granted and perquisites, or "perks," worth $764,366.
Those perks included $511,079 for personal security, $13,800 in retirement plan contributions and $236,250 to replace a life insurance benefit the company had previously provided and reimbursements for his personal use of the company plane.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.