Brian Cornell, CEO of Target, saw his compensation package grow to $77.5 million last year following the retailer’s record year that saw it post a $15 billion increase in sales. Most of Mr. Cornell’s compensation comes in the form of long-term rewards. His base salary was $1.4 million, unchanged from the year before.
As Chairman & Chief Executive Officer at TARGET CORP, Brian C. Cornell made $19,758,766 in total compensation. Of this total $1,400,000 was received as a salary, $3,996,440 was received as a bonus, $0 was received in stock options, $13,749,937 was awarded as stock and $612,389 came from other types of compensation. This information is according to proxy statements filed for the 2021 fiscal year.
The chart on this page features a breakdown of the total annual pay for Brian C. Cornell, Chairman & Chief Executive Officer at TARGET CORP as reported in their proxy statements.
Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. TARGET CORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. TARGET CORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents.
Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year.
Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings.
For its 2021 fiscal year, TARGET CORP, listed the following CEO pay ratio data on its annual proxy statement to the SEC.
This report is not for commercial use. Thorough reviews have been conducted to assure this data accurately reflects disclosures. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement.
The information shown here is a reporting of information included in the company's proxy statement. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). You may also find the annual proxy statement by going directly to the company's website.
A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. All proxy statements are public filings made available to the general public by the SEC. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives.
Target Corp. chairman and chief executive officer Brian Cornell logged $19.8 million in total compensation for the second-straight year in 2021, as the discounter went from strength to strength despite the turmoil of the pandemic. The bull’s-eye retailer pushed comparable sales up 12.7 percent last year — on top of the 19.3 percent gain seen in 2020, when the company received an “essential retailer” boost and was able to stay open during mandated COVID-19 lockdowns. Most of Cornell’s take last year was made up of stock awards, which were valued at $13.7 million, although their true value will depend on how the company’s stock price performs, linking the CEO’s pay with shareholder success. Cornell also received a salary of $1.4 million, a $1.2 million bonus, $2.8 million in other incentive pay and certain perks, including $224,997 for private use of company aircraft for security reasons. The company’s proxy statement with the Securities and Exchange Commission detailed the pay package and also set Target’s annual meeting for June 8. And clearly, the retail giant feels it will have a strong report for shareholders at the meeting. Monica Lozano, Target’s lead independent director, described 2021 as a “consequential year for Target” in a letter to shareholders. “It was the fifth full year of deep investment in an outstanding team and a long-term growth strategy; it was the second full year of uncertainty in the face of the resurging pandemic,” Lozano said. “Through the positive developments, like widespread availability of COVID-19 vaccines, and the unforeseen twists, like rising inflation and global supply-chain constraints, the Target team showed what it means to stay true to its purpose — and to grow and win in the marketplace by caring for all stakeholders.” Lozano added that the company has “many additional years of growth potential ahead, stemming from past and continuing investments” including in its employees. Earlier this year, Target laid out a $300 million investment in wages and expanded healthcare benefits for employees, working to build up its team in a period of intense competition for workers. MORE FROM WWD: Fashion IPOs Falter, but Retail’s Potential Remains on Wall Street Stefan Larsson’s Simple Plan for PVH L Catterton Puts John Hardy On the Block: Sources
Target CEO Brian Cornell's compensation surged to $77.5 million in 2020. TARGET TO SPEND MORE THAN $2B IN BLACK-OWNED BUSINESSES BY 2025 According to a proxy filing by the retailer, Cornell received a total compensation package of about $19.8 million, an increase of about 4.3% year-over-year. Cornell's base salary remained unchanged from the previous year at $1.4 million. However, he earned a $1.12 million incentive bonus tied to the company's sales and income performance and $4.48 million for a non-equity incentive plan. The majority of Cornell's compensation came from long-term equity awards that were either vested or exercised in 2020, which had a combined worth of $70 million. About $40.8 million came from restricted stock that was vested in 2020, while another $29.2 million came from options that were exercised. Cornell's pay is now 805 times more than the median Target employee, which increased 6.3% to $24,535 in fiscal 2020. GET FOX BUSINESS ON THE GO BY CLICKING HERE Last month, Target reported a 66% year-over-year increase in the fourth quarter to net income of $1.38 billion, or an adjusted $2.67 per share. The company's revenue for the quarter rose 21% to $28.34 billion. Same-day services, which include order pick-up, drive up and Shipt, increased by 212%, helping boost same-store sales by 21%. Comparable traffic grew 6% and average ticket size increased by 13%.
For the full year, sales grew by more than $15 billion – greater than the 11 previous years combined. CLICK HERE TO READ MORE ON FOX BUSINESS Target did not lay off, furlough or reduce compensation of its store employees through the year. Instead, the company spent $1 billion more than the previous year on five rounds of bonuses, new and increased employee benefits, and health and safety investments. The company also accelerated its move to a $15 per hour starting wage for employees. Target has invested a total of $200 million in its associates through bonuses. In January, all hourly team members within Target's stores, distribution centers, field-based offices and headquarters received a $500 bonus, while all store directors, executive team leaders and salaried distribution center leaders will received a bonus between $1,000-$2,000. The company first doled out bonuses to store team leads in April followed by a one-time bonus of $200 for all hourly full- and part-time employees within stores and distribution centers in July. That same month, the company offered a performance bonus for all store directors, executive team leaders and salaried distribution center leaders. In October, the company announced more than 350,000 frontline workers will receive a one-time bonus of $200 by early November, an investment of more than $70 million ahead of the holidays. FOX Business' Daniella Genovese contributed to this report |