Report: Costco CEO, CFO Won’t Get Bonuses
New York City, Costco CEO Jim Sinegal and CFO Richard Galanti won't get bonuses this year because of "imprecisions" with the company's stock option granting process, according to the Puget Sound Business Journal. According to a filing with the Securities and Exchange Commission (SEC), Sinegal was eligible for a bonus of $200,000 and Galanti was eligible for an $82,000 bonus.
"A special committee of the board of directors concluded that there were imprecisions in the company's stock option granting process and that these two officers had responsibility for administering that process,” the retailer wrote in the SEC filing. “Because of their responsibilities for the imprecisions in the process and the resulting need for the board inquiry, these officers suggested that they not receive bonuses for fiscal 2006," the retailer wrote in the SEC filing.”