Whole Foods CEO Gets $162,160 for 2007 After Self-imposed Pay Cut
New York City Whole Foods CEO Receives $162,160 for 2007 After Self-imposed The chief executive of Whole Foods Market Inc. received compensation valued at $162,160 in fiscal 2007, the company disclosed in a regulatory filing on Monday.
John P. Mackey, 54, received a base salary of $93,500 in the fiscal year that ended Sept. 30. He did not receive a bonus or awards of stock options.
However, he did get $68,363 in non-equity incentive plan compensation, along with $297 in matching funds from a company 401(k) program.
Mackey’s salary fell by more than two-thirds from the prior fiscal year, but the pay cut was self-imposed. He announced in late 2006 that beginning the next calendar year, he would take a salary of $1, but he was paid his old salary for the first three months of the fiscal year that had already begun.
Whole Foods will hold its annual meeting March 10 in Austin, Texas. Six of the seven directors, including Mackey, are running for re-election. The seventh is retiring and won’t be replaced immediately.
Investors also will vote on a shareholder resolution to split the chairman and CEO jobs, which Mackey, a co-founder of the chain, has held since 1980.
The board opposed the resolution, saying Mackey is uniquely qualified to lead the company.
Wakefern expands private label program
EAST RUTHERFORD, N.J. Wakefern has expanded its operation to provide private label products to retailers outside of its ShopRite system and may begin offering a range of services as well.
The co-op, which is taking on distributor-oriented operations in the wake of Supervalu’s retail expansion, has developed a wide range of support services for the ShopRite supermarkets – ranging from single-unit operators to local chains – and Joseph Colalillo, Wakefern chairman and ceo, said those may become available to supermarket operators if the product initiative proves successful. Colalillo addressed the issue at a networking reception sponsored by the Network of Executive Women’s New York Metro Regional Group.
Amazon MP3 to launch internationally
SEATTLE Amazon.com is taking its digital music store beyond the U.S. this year.
The company announced Sunday that it will begin an international rollout of Amazon MP3, its DRM-free MP3 digital music store, in 2008. The store launched in September 2007 in the United States, and grew to include more than 3.3 million songs from more than 270,000 artists, and can be listened to on any hardware device.
“We have received thousands of e-mails from Amazon customers around the world asking us when we will make Amazon MP3 available outside of the U.S. They can’t wait to choose from the biggest selection of high-quality, low-priced DRM-free MP3 music downloads which play on virtually any music device they own today or will own in the future,” said Bill Carr, Amazon.com vp of digital music. “We are excited to tell those customers today that Amazon MP3 is going international this year.”
The company is not disclosing a specific launch timeline for individual Amazon international Web sites.