Costco CEO Receives $3.8M in Compensation
Portland, Ore. Costco Wholesale Corp.'s president and CEO James Sinegal received compensation valued at $3.8 million for the 2008 fiscal year, according to a proxy statement filed Friday with the Securities and Exchange Commission.
That represents a 25% increase in calculated payment from the prior year.
Sinegal was awarded a $350,000 salary, an $80,000 bonus and $67,130 in other payments such as a vehicle allowance, life insurance and health-care premiums.
The company also granted Sinegal restricted stock and option awards that had an estimated value of nearly $3.3 million on the days they were awarded.
Costco had a strong performance in the 2008 fiscal year, as its reported profit rose 19% to $1.28 billion, or $2.89 per share. Revenue for the year rose 13% to $72.48 billion.
Costco has benefited during the recent economic downturn as consumers flock to its stores for deals on necessities such as food and gas.