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BBB Founders Kings Of Compensation

If it's tough to make money producing home fashions products, it's a whole lot easier selling them.

Making that point the easy way are two of the savviest and most successful merchants in all of U.S. retailing, Warren Eisenberg and Leonard Feinstein. The two co-founders of Bed Bath & Beyond each pulled down a salary of $53.8 million in 2003, most of it in the form of stock options exercised.

Consistently among the retailing industry's highest-paid executives — and that doesn't include the value of the company stock they still own — Eisenberg and Feinstein each took home a cash salary of $981,000 during 2003, then layered on another $52.8 million in options exercised. That's the single biggest pay day recorded in the five years HTT has tracked retail compensation, and beats by more than $15 million the previous record holder, former Kohl's chairman William Kellogg, who took home $38.7 million in 2000.

By comparison, Norman Axelrod — chairman and CEO of rival Linens 'n Things, who came in 16th in this year's pay ranking — took home a relatively skimpy $4.4 million, a paycheck less than a tenth the size of Eisenberg's or Feinstein's.

Taking second place, as he did the previous year, was R. Lawrence Montgomery, CEO of Kohl's, who pulled down $30.2 million, well more than twice as much as the $12.2 million he earned in 2002.

Target CEO Robert Ulrich, the biggest earner in 2002, dropped to third spot last year with his take of $21.9 million. Still, that was roughly 20 percent more than the $18.2 million he banked in 2002.

Rounding out the top five earners were James Zimmerman, Federated chairman, with $16.4 million; and R. Brad Martin, Saks chairman and CEO, with $10.9 million.

Pointing out the disparity between retailers and manufacturers — the haves and have-notes of home fashions — Eisenberg and Feinstein of Bed Bath & Beyond, each with his paycheck of $53.8 million, took home almost 19 times as much last year as the highest paid vendor, Larry Liebenow at Quaker Fabric with just $2.9 million.

Looked at another way, Eisenberg and Feinstein each took home three times as much as all 25 manufacturing execs combined, who together pulled in just $17.3 million between them.

Executive Compensation Report RETAILERS
Dollar amounts in thousands

Name, title Company Total cash, stock options exercised Salary 2003 Bonus 2003 Long-term incentive plan Total cash compensation Value of stock options exercised Total cash comp. 3-yr. % change 2001-2003
(1) Chairman through Jan. 14, 2004.
(2) President and ceo from Feb. 26, 2003, chairman from Jan. 15, 2004.
(3) Resigned on May 5, 2004.
(4) Elected chairman in January 2003.
(5) Elected president and coo in January, 2003.
(6) Joined company on Sept. 22, 2003.
(7) Elected to take stock in lieu of salary.
Warren Eisenberg, Co-chairman Bed Bath & Beyond $53,805 $981 $0 $0 $981 $52,824 23.9
Leonard Feinstein, Co-chairman Bed Bath & Beyond 53,805 981 0 0 981 52,824 23.9
R. Lawrence Montgomery, CEO Kohl's 30,224 1,015 0 0 1,015 29,209 -17.2
Robert J. Ulrich, Chairman and CEO Target 21,853 1,572 3,300 0 4,872 16,982 -4.8
James M. Zimmerman, (1) Chairman Federated Dept. Stores 16,386 1,250 2,769 0 4,019 12,367 136.4
R. Brad Martin, Chairman and CEO Saks 10,859 1,050 1,078 0 2,128 8,732 121.0
W. Howard Lester, Chairman Williams-Sonoma 9,244 975 731 0 1,706 7,538 31.3
H. Lee Scott Jr., President and CEO Wal-Mart 8,315 1,192 4,200 0 5,392 2,923 85.4
Robert L. Nardelli, Chairman, President and CEO Home Depot 6,500 2,000 4,500 0 6,500 0 -0.4
Kevin B. Mansell, President Kohl's 5,984 873 0 0 873 5,110 -10.1
Dale C. Pond, Senior Executive Vice President, Merchandising Lowe's 5,682 550 1,100 0 1,650 4,032 39.0
Larry D. Stone, Senior Vice President, Operations Lowe's 5,167 702 1,404 0 2,106 3,061 33.0
Richard Leto, Executive Vice President, DMM Kohl's 5,110 585 0 0 585 4,525 -17.1
Gregg W. Steinhafel, President of Target Stores Target 4,706 922 692 0 1,614 3,092 -4.3
Kathleen Mason, President and CEO Tuesday Morning 4,449 550 225 0 775 3,674 41.4
Norman Axelrod, Chairman and CEO Linens 'n Things 4,418 813 389 0 1,203 3,215 10.4
Edmond J. English, President and CEO TJX 4,123 1,158 848 477 2,483 1,640 56.5
Alan J. Lacey, Chairman and CEO Sears, Roebuck 4,076 1,016 898 0 1,914 2,163 -7.0
Robert L. Tillman, Chairman and CEO Lowe's 4,000 1,000 3,000 0 4,000 0 40.3
Terry J. Lundgren (2), Chairman, President and CEO Federated Dept. Stores 3,788 1,196 2,494 0 3,689 98 154.4
Allen Questrom, Chairman and CEO J.C.Penney 3,375 1,350 2,025 0 3,375 0 5.3
Thomas C. Shull (3), President and CEO Hanover Direct 3,166 916 2,250 0 3,166 0 111.0
Howard R. Levine (4), Chairman and CEO Family Dollar 2,964 700 483 0 1,183 1,781 68.7
Stephen I. Sadove, Vice Chairman Saks 2,809 980 739 0 1,719 1,089 2457.7
Peter A. Maich, Executive Vice President, Group President TJX 2,777 722 317 235 1,275 1,502 16.6
John B. Menzer, Executive Vice President , President and CEO International Division& Wal-Mart $2,673 $817 $1,856 $0 $2,673 $0 71.7
James A. Coggin, President and Chief Administrative Officer Saks 2,534 800 431 0 1,231 1,303 37.9
David A. Perdue, Chairman and CEO Dollar General 2,457 747 1,710 0 2,457 0
Jeffrey H. Brotman, Chairman of the Board Costco 2,381 350 0 0 350 2,031 0.0
Eugene S. Kahn , Chairman and CEO May Dept. Stores 2,307 1,500 675 132 2,307 0 30.4
Robert A. Niblock, President Lowe's 2,276 651 1,625 0 2,276 0
Carol Meyrowitz , Senior Vice President, President of the Marmaxx Group TJX 2,228 843 455 278 1,577 651 24.6
Brian N. Priddy, Executive Vice President, Operations The Bombay Company 2,221 315 151 0 466 1,755 69.5
Arnold S. Barron , Executive Vice President, Group President TJX 2,183 632 279 199 1,110 1,073 17.1
Julian Day, President and CEO Kmart 2,000 1,000 1,000 0 2,000 0
James D. Sinegal, President and CEO Costco 1,854 350 0 0 350 1,504 0.0
John M Belk, Chairman and CEO Belk 1,821 803 776 242 1,821 0 60.5
Marvin J. Girouard, Chairman and CEO Pier 1 Imports 1,726 950 0 0 950 776 -46.5
Edward Mueller, CEO Williams-Sonoma 1,706 975 731 0 1,706 0
G. Michael Anderson, Former Executive Vice President, Buying Tuesday Morning 1,681 289 25 0 314 1,367 10.4
V.J. Castagna, Chairman and CEO, JCPenney Stores, Catalog & Internet J.C.Penney 1,614 737 878 0 1,614 0 -20.6
George L. Jones, President and CEO of Saks Department Store Group Saks 1,600 900 700 0 1,600 0 -7.4
John C. Rossler, President and CEO Retail Ventures 1,523 718 0 805 1,523 0 68.9
Michael T. Duke, DVP and President and CEO Wal-Mart Stores Division Wal-Mart 1,455 603 852 0 1,455 0 48.7
Laura Alber, President, Pottery Barn Brands Williams-Sonoma 1,405 514 259 0 773 632 32.7
Stonie R. O'Briant, Executive Vice President-Merchandising, Marketing and Strategic Planning Dollar General 1,354 360 362 0 722 632 55.3
John L. Dunham, President May Dept. Stores 1,269 950 267 52 1,269 0 26.6
Dennis R. Zook, Executive Vice President, Chief Operating Officer, Southwest Division and Mexico Division Costco 1,190 435 33 0 468 722 9.2
Michael T. Wedge, President and CEO BJ's 1,185 634 394 157 1,185 0 73.0
R. David Alexander, Jr. (5), President and Chief Operating Officer Family Dollar 1,172 369 169 0 538 634 45.5
Thomas M.Belk, Jr., President, Store Divisions and Real Estate Belk 1,169 591 457 121 1,169 0 50.1
H.W. McKay Belk, President, Merchandising, Marketing and Merchandise Planning Belk 1,169 591 457 121 1,169 0 50.1
Bart Butzer, Executive Vice President of Target Stores Target 1,157 663 494 0 1,157 0 -5.2
Michael J. Potter, Chairman, CEO and President Big Lots 1,155 742 413 0 1,155 0 65.9
John H. Costello, Executive Vice President-Merchandising and Marketing Home Depot 1,154 604 550 0 1,154 0
Francis S. Blake, Executive Vice President-Business Development & Corporate Operations Home Depot 1,151 601 550 0 1,151 0
William P. McNamara, Vice Chairman May Dept. Stores 1,018 801 182 34 1,018 0 24.6
Sam K. Duncan, President and CEO ShopKo Stores 1,000 725 275 0 1,000 0
Mark S. Cosby , President, Full-line Stores Sears, Roebuck 989 539 451 0 989 0
Alan Rosskamm, Chairman, President and CEO Jo-Ann Stores 938 683 0 0 683 255 46.9
Michael J. Marchetti, Executive Vice President and Chief Operating Officer Tuesday Morning 936 315 75 0 390 546 94.2
Steven H. Temares, President and CEO Bed Bath & Beyond 931 931 0 0 931 0 27.0
Donald S. Shaffer, Former Acting CEO Dollar General 825 200 625 0 825 0 -19.5
Janine M. Bousquette, Executive Vice President and Chief Customer & Marketing Officer Sears, Roebuck $801 $508 $293 $0 $801 $0
Franz E. Lazarus, Executive Vice President, Chief Operating Officer-International Operations, Manufacturing & Ancillary Businesses Costco 734 435 33 0 468 267 7.4
Arlene Meier, Chief Operating Officer Kohl's 716 716 0 0 716 0 -10.2
Edwin J. Kozlowski, Executive Vice President and Chief Operating Officer Retail Ventures 712 512 0 200 712 0 58.7
William Dillard II, CEO Dillard's 710 710 0 0 710 0 0.0
Patrick J. Connolly, Executive Vice President, Chief Marketing Officer Williams-Sonoma 707 514 193 0 707 0 9.5
Patrick Cowell, President, William-Sonoma Brands Williams-Sonoma 707 514 193 0 707 0
Jack W. Busby Jr., President and Chief Operating Officer Hancock Fabrics 662 250 66 0 316 346 -2.5
Gwen K. Manto, Vice Chairman & Chief Merchandising Officer Stein Mart 659 401 0 0 401 259 -23.7
Michael D. Contino, Executive Vice President and CEO Hanover Direct 657 394 264 0 657 0 -1.5
Stephen Farley, Executive Vice President The Bombay Company 644 307 144 0 450 194
Alex Dillard, President Dillard's 620 620 0 0 620 0 0.0
Gary G. Friedman, CEO & President Restoration Hardware 565 415 150 0 565 0 81.0
Michael J. Hopkins, President, Pamida ShopKo Stores 564 406 73 0 479 85 22.0
Matthew Fiorilli , Senior Vice President, Stores Bed Bath & Beyond 548 548 0 0 548 0 26.9
Arthur Stark, Senior Vice President, Chief Merchandising Officer Bed Bath & Beyond 548 548 0 0 548 0 24.0
F. David Coder, Senior Vice President — Store Operations Linens 'n Things 544 279 100 0 379 166 75.6
Michael D. Fisher , President and CEO Stein Mart 544 544 0 0 544 0 17.0
Mike Dillard, Executive Vice President Dillard's 540 540 0 0 540 0 0.0
John C. Beuttell, Vice President-International Strategies The Bombay Company 527 230 74 0 304 223 17.6
Lawrence V. Jackson (6), President and CEO Dollar General 516 216 300 0 516 0
Edward F. Giles, Executive Vice President, Club Operations BJ's 504 287 107 110 504 0
Drue Corbusier, Executive Vice President Dillard's 500 500 0 0 500 0 0.0
Leon Levine, Former Chairman of the Board Family Dollar 496 496 0 0 496 0 -61.1
Audrey Schlaepfer, Executive Vice President, Chief Merchandising Officer Linens 'n Things 494 400 94 0 494 0 322.8
Bruce E. Barkus, Senior Vice President, store operations Family Dollar 485 264 83 0 347 138 23.8
Donald A. Mierzwa, Executive Vice President, Store Operations Big Lots 480 350 116 0 466 15 37.2
Herbert Zarkin, Chairman BJ's 468 468 0 0 468 0 33.7
Kent Larsson, Senior Vice President, Marketing Big Lots 466 350 116 0 466 0 37.2
James D. Carreker, CEO The Bombay Company 425 0 (7) 425 0 425 0
Larry G. Kirk, Chairman and CEO Hancock Fabrics 399 311 89 0 399 0 -3.0
Dave Bolen, Executive Vice President, Merchandising, Marketing and Logistics Jo-Ann Stores 398 398 0 0 398 0 16.2
Stephen J. Gordon, Chairman Restoration Hardware 350 350 0 0 350 0 4.0
Jay R. Jacobs, Executive Vice President, Merchandising Pier 1 Imports 345 345 0 0 345 0 -33.3
Mike Edwards , Executive Vice President, Operations Jo-Ann Stores 342 342 0 0 342 0 1.0
Robert A. Arlauskas, Executive Vice President, Stores Pier 1 Imports 300 300 0 0 300 0 -22.7
Jay Stein, Chairman Stein Mart 300 300 0 0 300 0 -36.8
Jay L. Schottenstein, Chairman Retail Ventures 250 250 0 0 250 0 0.0
Michael D. Ray, Senior Vice President, Director of Stores Stein Mart 232 210 22 0 232 0 37.5


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