"As TJX prospers, CEO’s earnings jump" by Todd Wallack, Globe Staff | April 30, 2010
TJX Cos. chief executive Carol Meyrowitz earned $17.4 million in total compensation last year, more than double her $8.5 million pay last fiscal year, the high-flying Framingham discount retailer reported yesterday.
And this was while the economy crapped.
Meyrowitz’s $1.5 million salary changed little, but her cash incentive doubled to $4.5 million and she received $7.7 million in stock awards, up from $2 million a year ago. The value of her retirement benefits also increased by an extra $1 million. Additionally, she received $1.2 million in stock options, up slightly from a year earlier.
In order to receive the full amount of the stock awards, Meyrowitz is required to remain with the company for several years and hit certain performance targets. And the exact amount of money she receives depends on how the stock performs and when she sells the shares.
The company also reported yesterday that chief financial officer Jeffrey G. Naylor’s pay increased by roughly one-third to $3.9 million, up from $2.9 million. Naylor, who had stepped down as CFO three years ago to take another executive role at the company, reprised his role last year.
The pay increases come at a time when TJX, unlike many other retailers, has pulled in shoppers despite the economic downturn. Consumers worried about the weak job, stock, and housing markets, have flocked to its stores for value-priced items....
Oh, they PROFITED OFF other people's misery -- and the paper thinks it's great!
