Blake gets raise, forgoes bonus
Frank Blake, Home Depot’s chairman, president and CEO, turned down a $1.2 million cash performance bonus for 2008, according to a filing with the Securities and Exchange Commission (SEC). Blake’s total compensation for the year was reported at $9.24 million, compared to $7.64 million in fiscal 2007. His base salary was $1.0 million, with restricted stocks and options valued at $7.8 million at the time they were granted.
Three of the home improvement chain’s five top-paid officers received bonuses ranging from 35% to 48% of their base salaries, the filing said.
All of the company’s top executives have forfeited the use of a company car in 2009, and none will receive salary increases.