Circuit City CEO Receives $2.1M in 2008
New York City Circuit City Stores CEO Philip J. Schoonover received compensation in fiscal 2008 valued by the company at about $2.1 million, far less than the $17.1 million he earned in the prior fiscal year.
The lower compensation in the most recent fiscal year was mainly because in fiscal 2007, he received stock and stock options worth $16 million when granted from his promotion to CEO in March 2006.
He received stock and stock options worth just $994,000 when granted in fiscal 2008, according to a proxy statement filed Thursday with the Securities and Exchange Commission.
Schoonover also received about $900,000 in base pay. He did not garner either a cash or performance-based bonus.
Besides the salary and stock options, Schoonover was paid $178,105 in other compensation, or “perks.” The total included $36,000 in company matches to defined contribution plans, $104,983 for use of the company plane and $10,296 for a car allowance, financial-planning reimbursements, the value of merchandise bought during the year through an officer evaluation program and gifts of merchandise.
In fiscal 2008, the company reported a loss of $319.9 million. Sales fell about 6%.
OfficeMax 1Q sales fall on weak economy
NAPERVILLE, Ill. OfficeMax announced that for its first quarter ended March 29, total sales decreased 5.5% to $2.3 billion compared to the first quarter of 2007. Net income increased in the first quarter of 2008 to $63.3 million, or 81 cents per diluted share, from $58.5 million, or 76 cents per diluted share, in the first quarter of 2007.
OfficeMax Retail segment sales decreased 5.5% to $1.11 billion in the first quarter of 2008 compared to the first quarter of 2007, reflecting a same-store sales decrease of 8.7% partially offset by sales from new stores. Retail same-store sales for the first quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending and the negative impact of the Easter holiday occurring in the first quarter of 2008.
IKEA to open first U.S. manufacturing facility
DANVILLE, Va. IKEA, through its subsidiary Swedwood, announced that it will open its first U.S. furniture manufacturing facility on May 21 in Danville, Va. The 930,000 square-foot Swedwood factory will produce a variety of wood-based IKEA products, the company reported.
“We made excellent progress on construction last year and our installation of equipment and machinery has gone very smoothly,” said Bengt Danielsson, North American president of Swedwood. “Now our primary objective is to complete appropriate operational training for 175 coworkers as well as to ensure a seamless production and packaging process.”