As the Vice President and Chief Marketing Officer at Safeway, Brian Cornell earned a total compensation of $5,052,377 in 2006.

Of this total, $691,425 was earned as salary, $1,208,714 was awarded as stock, $2,192,336 was received in stock options, $854,739 was awarded from non-equity incentive plan, and $105,163 came from all other compensation.

During fiscal years 2004, 2005 and 2006, Mr. Cornell was a party to an employment agreement with the Company, which was effective as of May 3, 2004. On January 24, 2007, the Company and Mr. Cornell entered into a letter agreement canceling that employment agreement. Under the agreement, the Company agreed to pay Mr. Cornell a starting base salary of $650,000. Mr. Cornell participated in the Company's annual bonus program for senior executives and was eligible for an annual maximum bonus equal to 125% of his base salary which, in no event, was to be less than $650,000 for each of 2004 and 2005. The Company also granted Mr. Cornell 150,000 shares of restricted stock, which vest ratably over three years, and a stock option to purchase 600,000 shares of Common Stock at an exercise price of $22.78 per share, which vests ratably over three years. Pursuant to the agreement, Mr. Cornell was eligible for annual stock option grants based upon the amount of his salary. These options vest over five years.

Brian Cornell worked with Bruce Everette, Larree Renda, Robert Edwards, and Steven Burd at Safeway in 2006.


Distribution
History
Compensation Data Fiscal 2006 Ends: Dec 31
  • Salary$691,425
  • Stock Awards$1,208,714
  • Option Awards$2,192,336
  • Non-Equity Incentive$854,739
  • Other$105,163
  • Total$5,052,377
Company
Safeway
Industry
Food Retail & Distribution
Sector
Non-Cyclical Consumer Goods & Services