The pay package for department-store operator Kohl's Inc.'s CEO fell 26 percent in 2010, according to an Associated Press calculation of figures disclosed in a regulatory filing, mainly due to fewer stock grants which made up the bulk of his award last year.
Kevin Mansell, 58, who also holds the president and chairman titles, earned a base salary of $1.3 million, up 7 percent from his base salary of last year, according to a filing with the Securities and Exchange Commission on Friday.
He received a performance-based bonus of $2.6 million, even with last year. He did not receive any stock awards, compared with a hefty grant last year worth $4.2 million at the date that they were valued.
He received $2.5 million in option awards, nearly triple his award from last year.
Other compensation totaled $223,193, including $124,893 for personal use of the company aircraft and a $22,474 car allowance.
Mansell, a Kohl's executive for 29 years, has served as president since 1999. He became CEO in 2008 and added the chairman title the following year.
After a slowdown during the recession, department stores bounced back in 2010, although not all the way to pre-recession levels.
For the year, net income rose 12 percent to $1.11 billion, while revenue rose 7 percent to $18.39 billion from $17.18 billion last year. Kohl's stock price rose about 1 percent during the year.
Kohl's said in the filing that its sales and net income performance during the year was better than department stores overall, and exceeded its own internal plan established at the beginning of the year. Compensation packages were calculated with that in mind, the company, based in Menomonee Falls, Wis., said.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
Kohl's will hold its annual meeting May 12 in Milwaukee.