05/04/02 . By Robert L. Grant, Dow Jones Newswires . Yahoo News . WASHINGTON
McDonald’s Chairman Greenberg’s ’01 Bonus Unchanged At $1.2 Million
McDonald’s Corp. Chairman and Chief Executive Jack Greenberg received a 2001 bonus of $1.2 million, unchanged from the previous year.
Greenberg earned a salary of $1.4 million in 2001, up slightly from the $1.3 million he got in 2000, according to a filing Friday with the Securities and Exchange Commission.
Greenberg’s bonus was "based on his strong leadership in the face of our current business challenges but also reflecting the company’s performance in 2001." McDonald’s said the annual bonuses paid to executives for 2001 were " substantially" below target because the company failed to achieve financial objectives.
No base salary merit increases were granted to executives for 2002, the filing said.
McDonald’s said in March that Greenberg had agreed to remain as CEO for at least three more years. He’s been a director since 1982 and chairman and CEO since 1999.
Greenberg was granted 675,000 stock option in 2001 that vest in 2004 with exercise prices of $29.43 and $28.90 a share and expirations dates in 2011, the filing said.
In 2001, Greenberg exercised 150,000 stock options for a profit of $2.8 million. At the end of the year, he held 2.2 million vested options with an estimated value of $13.7 million as well as 2.8 million unvested options. McDonald’s granted Greenberg 649,500 long-term incentive "units" in 2001 that have a maximum future payout of $2.4 million, subject to the achievement of performance goals for the years 2001 through 2003, the filing said.