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05/04/01 . Richard Gibson . Dow Jones Newswires . U.S.
McDonald's Executive Got Smaller Bonuses Last Year
Bonuses for McDonald's Corp. (MCD) top management shrank last year as the fast food giant turned in a disappointing performance.
In addition to his $1.27 million salary, Chairman and Chief Executive Jack M. Greenberg was awarded a $1.26 million bonus, according to the company's proxy statement filed Thursday with the Securities and Exchange Commission. In 1999 Greenberg received $1.58 million in bonus money on top of $1.15 million in salary.
Greenberg's total compensation package last year included 490,000 options on common stock valued at between $5.8 million and $14.8 million, depending on assumed price appreciation rates. The year before Greenberg received 500,000 options. The latest options may be exercised at $35.25 a share until March 2010.
President and Vice Chairman James R. Cantalupo received $733,228 in bonus pay plus $1.05 million in salary, compared with a $951,300 bonus and $981,624 salary the year before.
The head of McDonald's U.S. operations, Alan D. Feldman, received a bonus of $534,240 in addition to paychecks totaling $687,500. In 1999, Feldman earned $581,624 and got a $588,788 bonus.
The proxy also showed that Greenberg, Cantalupo and Chief Financial Officer Michael Conley sold stock back to the company as part of its share repurchase program. Cantalupo realized a profit of $1.96 million on his transactions, Greenberg a gain was $616,767.
But Conley, who is retiring this year, had a loss of $30,278. Shares he had acquired through option exercises at a cost of $387,394 were sold to McDonald's for $357,116, the proxy said.
McDonald's paid $19.1 million to senior chairman Fred L. Turner for some of his
holdings. The profit on that transaction wasn't disclosed.