New York City Safeway's CEO Steven Burd saw the value of his compensation fall nearly 15% in 2009 as the grocer continued to struggle during the down economy, according to an Associated Press calculation.
Safeway gave Burd a pay package worth nearly $9.4 million, versus $11 million in 2008, according to an AP analysis of documents filed Monday with the Securities and Exchange Commission.
Burd's salary fell 1.26% in 2009 to $1.4 million. The majority of his pay continues to be from his stock and options awards, which were valued at $7.4 million on the date granted. That's nearly 16% less in stock and options than he received in 2008.
Safeway did not grant its executives any bonuses because it did not meet its goals. But Burd was awarded non-equity incentive compensation of $358,627.
Burd received $161,565 in other compensation including home security and his personal use of the company aircraft.
The Associated Press calculation of executive pay includes salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. These totals may differ from the figures listed by companies in their proxy statements.