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TARGET CHAIRMAN ULRICH'S COMPENSATION FALLS IN '03.

NEW YORK-Total compensation for Robert J. Ulrich, Target Corp.'s chairman and chief executive officer, declined in 2003, according to the company's proxy statement filed last week with the Securities and Exchange Commission.

Ulrich's total compensation fell 12.7 percent to $6.1 million from $7 million in the previous year, while his base salary increased 10.5 percent to $1.6 million from $1.4 million in the previous year.

Despite the increase in base pay, Ulrich's bonus decreased markedly. For 2003, the company reported granting Ulrich a $3.3 million bonus, which is a 28.3 percent reduction from the $4.6 million bonus issued in the previous year.

Bonuses at Target are performance-based. Ulrich's lower bonus likely reflects weaker overall results at Mervyn's and Marshall Field's, both of which are now on the auction block.

However, insurance and retirement contributions on behalf of the company increased 27.9 percent to $1.2 million, compared with $947,434 in the previous year. According to the proxy, the increase included a $10,953 401(k) plan matching contribution, $297,096 deferred compensation credit for matching contributions that could not be made to the 401(k) plan, $900,826 reportable earnings on deferred compensation and $2,832 paid for life insurance.

Meanwhile, total compensation for Gregg W. Steinhafel, president of Target Stores, declined 16.3 percent to $2.0 million from $2.3 million in 2002.
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Title Annotation:Robert J. Ulrich
Comment:TARGET CHAIRMAN ULRICH'S COMPENSATION FALLS IN '03.(Robert J.
Author:Tucker, Ross
Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Article Type:Brief Article
Geographic Code:1U2NY
Date:Apr 19, 2004
Words:236
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