Yum Brands Chairman, President and CEO David Novak received a 31 percent bump in pay in 2010, receiving compensation worth nearly $12.6 million according to an Associated Press analysis of data filed with regulators.
The company that owns the KFC, Taco Bell and Pizza Hut chains said in a filing Friday that the bulk of the increase stemmed from a 69 percent jump in performance-based cash incentives to $5.1 million and a big rise in the value of stock option grants.
Yum Brands Inc. gave Novak the boost in pay as sales began to improve in the U.S. and its chains rapidly expanded in key international markets such as China. The company's stock rose 40 percent during the year.
The AP's formula isolates the value the company placed on its CEO's total compensation. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.