The chief executive of Mooresville-based Lowe’s Inc. saw his total pay climb last year by more than 50 percent, to $18.7 million, boosted primarily by a bigger stock grant and bonus.
The home improvement retailer disclosed Robert Niblock’s 2013 pay in a securities filing Monday. Niblock’s pay rose from $12.1 million in 2012.
Lowe’s said Niblock received a bonus above his target because of the company’s positive performance in 2013, and that the timing of an additional stock grant also raised his pay.
Niblock’s 2013 pay consisted of a $1.2 million base salary, $9.8 million worth of stock, $4.1 million worth of stock options, a $3.3 million bonus and perks and other compensation totaling $273,231.
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The biggest portion of Niblock’s pay – his stock grant – grew 83 percent from 2012. The company attributed some of the increase to a new stock grant given to executives in 2013 to compensate for a change in timing that will delay the granting of executive stock in 2013 from March to September.
The stock’s vesting is tied to various conditions, such as the company’s return on non-cash average assets and requirements that Niblock stay with the company for three years.
Niblock’s bonus almost doubled, increasing 98 percent. His bonus is determined by a formula that includes earnings before interest and taxes, sales and the company’s strategic initiatives. Niblock beat his bonus targets, resulting in a 135 percent payout of his target bonus amount.
The CEO’s perks included $62,208 worth of personal use of the company’s aircraft, $7,151 for a company-required physical exam and $12,000 worth of reimbursement for his tax compliance costs.
In February, Lowe’s reported that its sales and profits were up in its most recent quarter, as both harsh winter weather requiring the purchase of snow supplies and the recovering housing market boosted its bottom line. For the full fiscal year, Lowe’s said its profits rose 17 percent, to $2.2 billion.
Lowe’s stock rose 43 percent during the company’s fiscal 2013.