The top executive at Mooresville-based Lowe’s Cos. Inc. saw a pay cut of almost 24 percent last year, primarily because of a reduction in stock awards.
CEO Robert Niblock made $14.3 million in 2014, down from the $18.7 million he made in 2013, according to a securities filing this week.
Niblock’s total pay included $1.3 million in salary, $5.8 million in stock awards, $4.4 million in stock options, a $2.5 million bonus and perks and other compensation totaling $269,631 according to the annual proxy filing.
In 2013, Niblock received over $9.8 million in stock awards. The company said that year’s stock awards were higher than in 2012 and 2014 because of an increase to a new stock grant given to executives to compensate for a change in timing that delayed 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 to investors on non-cash average assets and requirements that Niblock stay with the company for three years.
Niblock’s perks included $94,954 worth of personal use of the company’s aircraft, $6,406 for a company-required physical exam and $5,700 worth of reimbursement for his tax compliance costs.
Niblock, 52, has been with Lowe’s since 1993 and has held the position of chairman and CEO since January 2005.
In February, Lowe’s, the second biggest home improvement retailer in the U.S., reported better-than-expected fourth quarter earnings and a surge in sales as consumers ramped up spending on home remodeling. For the full fiscal year, Lowe’s said its earnings rose about 18 percent from 2013 to $2.7 billion.
In 2014, Lowe’s shares climbed 39 percent, compared with an 11 percent rise among other companies in the S&P 500. Wednesday, the company’s shares closed down less than 1 percent at $73.41.