Chicago Home Depot chairman and CEO Frank Blake received compensation valued at $9.2 million in 2008 -- a 20% increase from the previous year -- even as the company's profit dipped and the retailer laid off 7,000 workers, according to a regulatory filing Monday.
However, Blake opted not to receive a $1.2 million cash performance bonus because of the job cuts.
Blake received nearly 85% of his compensation in restricted stocks and options valued at $7.8 million at the time they were granted -- about 36% more than the $5.7 million in stock and options he was granted in 2007.
For the fiscal year that ended Feb. 1, Blake saw his base salary hold steady at just more than $1 million. He didn't receive a bonus in 2008 and waived his cash performance bonus during the past year. He received a $500,000 bonus in 2007 and wasn't awarded a performance bonus that year.
Blake also received perks valued at almost $444,000, roughly the same as he received in 2007. That sum in 2008 included $132,000 for personal use of the company's airplane, $105,000 for life insurance and death benefits and $71,000 for tax reimbursements, among other items.