Starbucks’ Schultz earned nearly $15 million in 2009
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.
Coldwater Creek closing downtown Seattle store
New York City Coldwater Creek is closing its downtown Seattle store after 10 years to focus more on stores in suburban markets, the Puget Sound Business Journal reported.
The lease for the store has expired and the company will close the store Jan. 30.
Since the store opened, Coldwater Creek has changed its business model to focus on growth in suburban markets with smaller stores, the report said.
The Sandpoint, Idaho-based company will continue to operate its Seattle-area stores at Bellevue Square, Lynnwood’s Alderwood Mall and Tacoma Mall, as well as stores in Kent and Gig Harbor.
Lowe’s card offers points to small business customers
Las Vegas Mooresville, N.C.-based Lowe’s Cos. teamed with American Express Open to launch the Lowe’s Business Rewards Card.
The key feature of the new payment product is the ability to offer small business customers reward points. It’s the first rewards program for Lowe’s small business credit customers.
In a prepared statement, Lowe’s president and COO Larry Stone said the Rewards Card “offers convenience and rewards at a time when business owners need it most.”
The breakdown of the points follows a simple plan: one point for every dollar spent on the card; double points for dollars spent at Lowe’s; and triple points for dollars spent on restaurant purchases, office supplies and wireless bills.
The announcement of the new card was made during the International Builders’ Show in Las Vegas.