Target Corp. gave a $100,000 raise to Chairman and Chief Executive Robert Ulrich, bringing his yearly salary to $1.6 million, the discount store chain disclosed on Friday.
The company said it was Ulrich’s first base salary raise since 2003. Ulrich’s total compensation for 2004 was $7.88 million, according to Target’s proxy filed in April 2005.
Target said in the filing with the Securities and Exchange Commission that its board also approved the criteria for awarding shares to executives under its long-term incentive plan. It said that in years when shares are awarded, half would be given based on meeting a revenue growth target and half for meeting an earnings-per-share target.
Ulrich and two other executives are also getting big payouts in exchange for Target’s elimination of a benefit to be paid in the event of death after retirement. It said it paid $676,314 into Ulrich’s deferred compensation account, $713,913 for President Gregg Steinhafel, and $298,544 for Chief Financial Officer Douglas Scovanner.