Circuit City CEO got $17.1M last year |
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Mon, 30 Apr 2007 23:39
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RICHMOND, Va. (AP) - Circuit City Stores Inc. Chairman, President and Chief Executive Philip J. Schoonover received compensation the company valued at $17.1 million in the latest fiscal year, according to an analysis of a regulatory filing by the consumer electronics retailer Monday.Most of the compensation for the year that ended Feb. 28 came from the value of stock and options granted to Schoonover upon his promotion to CEO in March 2006. The stock and options had an estimated value of $16 million when they were granted.Schoonover received a base salary of $894,615, according to a proxy statement filed with the Securities and Exchange Commission. He also received $208,447 in other compensation, including $97,971 in use of the corporate aircraft and $50,000 for relocation expenses that were not otherwise reimbursable.The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year.Schoonover, 47, joined the company in 2004 as executive vice president and chief merchandising officer and was elected president in 2005. He had previously served as an executive vice president at rival electronics chain Best Buy Co.Michael E. Foss, the company's chief financial officer, received compensation valued at $626,547 in 2007, including a base salary of $570,192.The company on Monday also restated its financial results for the fiscal year that ended Feb. 28, because of an increase in vendor allowances. The retailer said it had a loss of $8.3 million, or 5 cents per share, in fiscal 2007. Circuit City had said previously that it lost $11.8 million, or 7 cents a share for the fiscal year.The company posted a profit in fiscal 2006 of $139.7 million, or 77 cents a share.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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