In a year when McDonald’s Corp. had three chief executive officers, the fast-food chain paid a total of $7.18 million in bonuses to executives holding the post.
McDonald’s said in a definitive proxy filed Wednesday with the Securities and Exchange Commission that it paid Vice Chairman and Chief Executive James A. Skinner a $2.2 million bonus for 2004. Skinner was elected chief executive on Nov. 22.
The Oak Brook, Ill.-based company said it awarded about $3.19 million to the estate of former President and Chief Executive Charles H. Bell. Bell stepped down from his posts on Nov. 22 for health reasons and died in January from cancer.
Also, McDonald’s said it awarded a $1.8 million discretionary bonus to the estate of former Chairman and Chief Executive James R. Cantalupo. Cantalupo died in April 2004 and was immediately replaced by Bell. The estate also received a long-term incentive plan payout of $791,200.
McDonald’s said Skinner received total pay of $3.29 million for 2004, excluding the grant of stock options and restricted stock award.
Skinner’s received a $900,344 salary, a $2.2 million bonus and “all other compensation” of $188,221. As vice chairman, he received a $810,000 bonus for 2003, a salary of $830,189 and “all other compensation” of $148,840.
The company gave Skinner 375,000 stock options for 2004, compared with a grant of 160,000 stock options for the previous year.
The 375,000 stock options had a total present value of $3.51 million, according to the filing.
McDonald’s said Skinner received a restricted stock award valued at about $1.25 million for 2004, compared with an award valued at $880,609 he received as vice chairman in the previous year.