Home Depot's top executive saw his total compensation rise 3.3 percent in 2011.
Home Depot chairman and CEO Frank Blake made $10.8 million in 2011, according to a Monday filing by the Atlanta home improvement retailer. Blake made $10.5 million in 2010.
More than 88 percent of Blake's target compensation is tied to the company's success, Home Depot said in its filing. For other executives, the figure is 79 percent.
While Blake's base salary remained consistent at $1.07 million after he rejected a 5 percent raise, other executives saw their base salaries increase. Chief Financial Officer Carol Tome's rose by 1.1 percent to $945,000. Other top executives saw their base salaries rise by about 3 percent.
The increase in Blake's compensation came from stock awards and incentive plan compensation.
Each of the executives exceeded their goals for a cash incentive program based on sales, operating profit and how quickly inventory moves off the shelves. The company cited a 3.5 percent increase in its net sales, faster inventory turns and better returns on its investments among its successes for the year.
Shareholders vote on Home Depot executives' pay annually on an advisory basis. At the company's last annual meeting in June 2011, more than 98 percent of shareholders supported Home Depot's compensation packages, the company said.
