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Coffee City

Melissa Allison follows the world's biggest coffee-shop chain and other Seattle caffeine purveyors.

January 22, 2010 at 11:12 AM

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Howard Schultz's pay increased 25 percent in 2009; Fortune magazine says it's the 93rd best company to work for

Posted by Melissa Allison

Starbucks CEO Howard Schultz was paid $12.1 million in 2009, an increase of 25 percent from the previous year, according to a securities filing this morning.

The boost came during a year in which Starbucks closed hundreds of stores and slashed costs by $580 million, partly by reducing its work force by 19 percent to 142,000 workers. Fortune magazine this week listed it as the 93rd best company to work for, down from second best in 2005, StarbucksGossip.com reports.

This week, the coffee chain reported its best sales and same-store sales (which measures just stores open more than a year) since early 2008.

Schultz's base salary in 2009 was $643,954, lower than the $1.2 million he received for each of the previous two years, because Schultz requested that his salary be reduced to $6,900 mid-way through the fiscal year.

After receiving no bonus in 2008, Schultz earned a bonus of $1 million last year. He also received option awards worth $9.5 million, compared with $7.7 million in 2008. Schultz's "other compensation" -- for things like insurance premiums, security and retirement plan contributions - rose 22 percent to $935,676.

Other high-paid executives in 2009 included former international operations chief Martin Coles ($2.7 million), U.S. operations president Cliff Burrows ($2.3 million), president of global development Arthur Rubinfeld ($1.8 million) and CFO Troy Alstead ($1.3 million).

Starbucks' annual meeting is scheduled for Wednesday, March 24, at 10 a.m. at its usual location: Marion Oliver McCaw Hall at the Seattle Center.

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