Family Dollar CEO Howard Levine, whose company is embroiled in a takeover battle, is set to receive a $35,000 raise in 2015, according to a securities filing this week.
The Matthews-based retailer’s board approved a $1,185,000 salary for Levine in the coming fiscal year, a 3 percent bump over the salary set for him in 2014, according to filings with the U.S. Securities and Exchange Commission.
The company hasn’t yet filed a proxy disclosing top executives’ full compensation for the latest fiscal year, which ended Aug. 30.
According to Thursday’s filing, the board also granted Levine stock awards worth $3.8 million. He is also eligible for a cash bonus equal to 120 percent of his “base compensation.”
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In fiscal 2013, Levine received total compensation of $5.5 million, including salary, bonus and stock awards.
In July, Family Dollar agreed to be acquired by Dollar Tree for $74.50 a share in cash and stock, or $8.5 billion. But rival Dollar General has since made a hostile $80-per-share offer totaling $9.1 billion as it tries to break up the deal and acquire Family Dollar.
In an earnings conference call last week, Levine, whose father, Leon Levine, founded Family Dollar in Charlotte in 1959, acknowledged that Family Dollar erred in recent years by trying to change its business model and shuffling key executives. Family Dollar’s lagging performance helped make the company a takeover target.