Brian Cornell, chair and chief govt officer of Goal Corp., noticed his pay bundle hit $20.4 million final 12 months with a giant increase from inventory awards.
Cornell’s general compensation rose 6.3 % and included a wage of $1.4 million, bonus and incentive pay totaling $2.3 million and inventory awards valued at $16.1 million.
It’s typical in company America for CEOs to get large pay packages which are stock-heavy. The inventory awards are a method Goal seeks to tie pay to efficiency, as they’re solely awarded as soon as sure thresholds are met and their final worth fluctuates with the corporate’s shares on Wall Road.
Cornell is among the many highest-paid CEOs in retail, however not the best. Final 12 months his pay bundle was outstripped by Walmart Inc. CEO Doug McMillon, whose compensation tallied $27.4 million, together with inventory.
Goal has hit some turbulence currently — fourth-quarter comparable gross sales dropped 4.4 % — however Cornell has laid out plans so as to add 300 shops and increase revenues by $50 billion over the subsequent decade.
Delivering on that promise will in all probability be a job for future CEOs.
Cornell has already proven outstanding endurance within the job and dedicated in September 2022 to remain for “roughly three extra years,” placing a possible exit on the horizon this 12 months or subsequent.
At the moment, the retailer’s board additionally eradicated a retirement coverage that was “designed to provoke a dialogue concerning the attainable retirement of its CEO on the age of 65.”
A Goal spokesperson mentioned there have been no updates on the CEO’s plans.
The retailer does have an extended record of outstanding govt vice presidents — together with chief working officer Michael Fiddelke, chief industrial officer Rick Gomez and chief technique and development officer Christina Hennington — however there may be little outward speak of succession.
So Cornell may additionally keep put, particularly as Goal doesn’t have employment contracts with its prime executives.
