SEATTLE (AP) – Starbucks Corp CEO Howard Schultz received a 24 per cent increase in his compensation package for 2014.
A regulatory filing Friday with the Securities and Exchange Commission shows that Schultz’s base salary stayed steady at $1.5 million for the company’s fiscal year that ended in September. But the value of his stock awards increased 5 per cent to nearly $6.3 million and a cash payment based on performance increased 30 per cent to $2.9 million.
There was also a bump in pay for perks – which included home security services and retirement plan contributions – to $502,076 from $215,933.
The Seattle-based coffee giant gave the pay increase to the CEO as the company’s sales improved for the year. Starbucks’ total revenue increased 11 per cent to $16.45 billion in its fiscal year 2014 and its adjusted net income per share rose 21 per cent to $2.66.
Schultz is the chairman, president and CEO of Starbucks. He has served as chairman since 2000 and resumed the role of president and chief executive officer in January 2008 after a brief hiatus.
The Associated Press calculates an executive’s total compensation by counting salary, bonuses, perks, stock and options awarded during the year.