Gap CEO pay package up 18% in 2010
New York City -- A report by the Associated Press revealed that Gap CEO Glenn Murphy received compensation worth nearly $6 million in 2010, an 18% increase from the year before.
Most of the increase came from a one-time bonus and stock awards. Murphy didn't receive any stock awards the year before.
Murphy, 49, received a base salary of $1.5 million in the fiscal year that ended Jan. 29, according to a Securities and Exchange Commission filing. He also received a bonus of $635,000 last year after getting none the year before.
The company said that bonus was partly because Murphy voluntarily took a $225,000 pay cut in 2009, which was restored in 2010. Gap also said it because the company's financial performance was well above expectations in 2009 amid the severe economic downturn.
Murphy, however, saw his cash performance bonus fall to $1.7 million, half of what he received in 2009. Murphy's stock awards were valued at $1.8 million in 2010.
He also received other compensation worth $280,937 in 2010, a 70% increase from 2009.