New York City Starbucks Corp. CEO Howard Schultz received compensation the company valued at nearly $15 million during the past fiscal year, an increase of nearly 54% as the company's profit soared after it cut costs and jobs, according to a regulatory filing.
Schultz's base salary declined nearly 46% to $643,594 after he requested the coffee company's board cut his salary to $6,900. He received the reduced salary for only part of the year, from April 1 until Nov. 30. The fiscal year that is covered in the filing submitted Friday afternoon to the Securities and Exchange Commission ended Sept. 27.
Unlike in 2008, Schultz received a $1 million bonus, according to Friday's filing. But the bulk of the compensation earned by company' founder and chairman came from restricted stock and options valued at $12.4 million. That's about 54% more than the $7.9 million he received in 2008 in stock and options.
Much of that increase came because Schultz didn't participate in the company-incentive bonus program, and instead elected to receive his annual long-term incentive grant in the form of stock options.
Schultz also received other perks valued at $935,676 during the fiscal year. The bulk of that paid for personal and home-security services, valued at $643,594.