Sunday, May 11, 2008

For 9 Months' Work, Pep Boys Ex-CEO Gets $17.2 Million

PHILADELPHIA — The Pep Boys gave its former chief executive a compensation package worth $17.2 million for just over nine months of work in 2007, according to a Securities and Exchange Commission filing Friday.

Jeffrey Rachor, an executive hired from Sonic Automotive in March 2007, received a salary of $1.04 million and a bonus of $1.2 million. He left Pep Boys last month.

He also got non-equity incentive plan compensation of $1.8 million and other perks worth $743,068, mostly retirement benefits and company matches to deferred compensation.

Rachor, who resigned to join a luxury car dealership venture backed by Dell computer founder Michael Dell, was given stock and option awards worth $12.43 million on the date they were granted.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

[Via USAToday]

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