Charlotte, N.C. Lowe's Cos. chairman and chief executive Robert A. Niblock received compensation valued at $9.1 million in 2007—-about 7.5% more than in 2006, a regulatory filing Tuesday showed.
The higher compensation came as the home improvement industry has suffered as consumers cut back spending on home renovations in the face of declining home values, lower sales and tighter credit requirements.
Niblock, 45, received $1.05 million in 2007 salary. He also got $104,707 in other compensation, including $49,185 for personal use of corporate aircraft and $6,564 for a company-required physical exam, according to the Mooresville-based company's filing with the Securities and Exchange Commission.
He did not receive any non-equity compensation for the fiscal year ended Feb. 1, due to a decrease of 8.65% in the company's net earnings before interest and taxes from the immediately preceding fiscal year. The amount was less than the threshold growth level of 5% required for any award, the company said.
Niblock did receive stock awards that the company valued at $7.9 million on the day they were granted.
For the year, Lowe's reported earnings of $2.8 billion, or $1.86 per share, compared with $3.1 billion, or $1.99 per share, in 2006. Revenue rose to $48.3 billion in 2007 from $46.9 billion the year before.