Costco CEO Receives Moderate Compensation
Seattle In line with the company’s reputation for keeping costs low, Costco Wholesale Corp. president and CEO Jim Sinegal was paid far less this year than his CEO peers, getting no raise for a seventh consecutive year, according to the Associated Press.
Sinegal received compensation the company valued at nearly $3.2 million in 2007, according to a proxy statement filed Tuesday with the Securities and Exchange Commission. That’s far less than the $8.3 million median pay for CEO in 2006 calculated by The Associated Press.
For fiscal 2007, which ended Sept. 2, Sinegal received a $350,000 salary, an $80,000 bonus, stock awards and options worth about $2.6 million, and roughly $68,500 in perks, including company matches for retirement contributions, life insurance, health-care premiums and a vehicle allowance.
In Tuesday’s filing, Costco noted cash bonuses paid to CEOs at peer companies are substantially higher but that the company’s compensation committee “wishes to respect Mr. Sinegal’s wishes to receive modest compensation, in part because it believes that higher amounts would not change Mr. Sinegal’s motivation and performance.”
In 2006, Sinegal declined a $200,000 bonus—the maximum the company allows—after taking responsibility for errors in the company’s stock-option grants to employees.
Stop & Shop to expand deli kiosk service
BOSTON Stop & Shop will be offering customers access to self-service deli ordering in more than 200 stores by the first quarter of 2008.
Modiv Media, the maker of the Modiv DeliVision kiosk used by Stop & Shop in select stores, as well as other supermarket chains, announced Monday that Stop & Shop would be expanding the use of the service, which allows customers to place their deli order using a touch screen and informs them when the order will be filled, thus eliminating the need to wait in line. In addition, customers, are able to scan their loyalty card for easy ordering of their favorite items.
“Using Modiv DeliVision, Stop & Shop can now provide a new way for customers to shop,” said Christine Dorman, senior vp of operational and strategic initiatives and support services for Stop & Shop. “DeliVision gives us an opportunity to enhance customer satisfaction and increase our efficiency.”
Del Monte board elects Williams-Sonoma cfo
SAN FRANCISCO Del Monte Foods has announced that it has named Williams-Sonoma executive Sharon McCollam to its board of directors.
Sharon McCollam has served as evp, coo and cfo of Williams-Sonoma since July 2006. She joined the company in March 2000 as vp of finance. From 1993 to 2000, McCollam held a variety of positions at Dole Foods, including vp and cfo of the Dole fresh vegetables division from 1996 to 2000.
“We are delighted to welcome Sharon to our board of directors,” commented Richard Wolford, ceo and chairman of the board. “We believe Sharon’s participation as a board member will be very beneficial to Del Monte Foods. Her experience is complementary to our business; she contributes additional financial expertise, and as well, will provide important retail and consumer packaged goods perspective for our business.”