*NEWS*STAPLES CEO COMPENSATION TOTAL$.17M

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*NEWS*STAPLES CEO COMPENSATION TOTAL$.17M

 user 2006-05-01 at 10:02:00 am Views: 48
  • #15330

    Staples CEO compensation totals $17.6M
    Ronald
    Sargent exercised 1 million shares of Staples Inc.
    last year for an $11.8 million gain, contributing to the chief
    executive’s $17.6 million in total compensation from the office
    supplies retailer.


    In
    a proxy filed with the Securities and Exchange Commission, Staples’
    board indicated Sargent’s total direct compensation was well above the
    company’s retail peers, but said the pay was justified given Staples’
    performance.
    Sargent’s 2005 compensation also included:
        * $1 million in salary.
        * $1.3 million in bonus compensation.
        * $3.3 million in restricted stock that vests over time.
        * $260,000 in retirement and life insurance benefits.
    Sargent
    received options to purchase 525,000 shares of stock in future years,
    which Staples assigned a present value of $3.3 million.
    Basil
    Anderson, who retired from his post as vice chairman on March 1,
    received $9 million in compensation last year, more than two-thirds in
    the form of value realized from stock options. John Mahoney, who was
    promoted to vice chairman and chief financial officer this year,
    received $6.7 million in total compensation in 2005.
    In a separate
    disclosure in the proxy, Framingham, Mass.-based Staples indicated that
    a class-action suit on behalf of California store managers could cost
    it up to $150 million. The plaintiffs claim they are owed back pay for
    a decade’s worth of overtime. Staples said it can successfully defend
    itself if the case proceeds to travel, and is appealing the
    class-action certification.