Kohl’s CEO compensation valued at $9 million in 2009

New York Kevin Mansell, head of Kohl's, received compensation last year valued at roughly $9 million, according to an Associated Press calculation of figures disclosed in a regulatory filing.

That's down 22% from the year before. The bulk of Mansell's $11.6 million pay package in 2008 came as stock options that were granted when he was promoted to CEO.

Mansell got a base salary of about $1.2 million for the fiscal year ended Jan. 30, up from just under $1.1 million the year before.

He also received a performance related bonus of $2.6 million, which he did not get in 2008. Kohl's financial results improved last year, with profits up 12% to $991 million and revenue up 5% to $17.18 billion. Sales at stores open at least a year edged 0.4% higher.

Mansell received stock and options worth about $5 million at the time they were granted, compared with $10.4 million the year before, most of which he received when he became CEO in August of 2008.

Other perks, including retirement contributions and the use of the company jet, came to roughly $210,000, up from $147,000.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.