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Safeway Head's Pay More Than Doubled in 2004: SEC Filing

PLEASANTON, Calif. -- An SEC regulatory filing has revealed that Safeway chairman, president, and c.e.o. Steven Burd's annual compensation soared 129 percent last year to $2.29 million.

Burd's base salary for 2004 was $1.14 million, an increase from the $1 million he had earned yearly since 2000, according to the SEC filing. Effective July 5, 2004 he received a raise to $1.3 million. Additionally, Burd received an annual bonus of about $1.15 million, which comprised an operating-performance bonus of $972,597 and a capital bonus of $173,866. He received no other compensation, restricted stock awards, or stock options in 2004.The filing further showed that though Burd was eligible for a capital performance bonus of $181,000 in 2003, he opted to decline it.

Safeway, which operates over 1,600 supermarkets in North America, reported revenue of $35.82 billion last year.
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