Home Depot’s incoming Chief Executive Officer Craig Menear will earn an annual base salary of $1.3 million while Frank Blake, the company’s outgoing leader, will be paid $750,000 a year in his role as chairman.
Menear, who is being promoted from his position as Home Depot’s president of U.S. retail, becomes CEO next month.
Menear’s pay also includes incentives of 200 percent of his base salary if he meets certain performance targets plus $3.5 million in stock options, the company said this week in an SEC filing. Twenty-five percent of the options will be vested and exercisable on the second, third, fourth and fifth anniversaries of the grant dates.
In addition to his base salary, Blake will earn incentives of 200 percent of that pay if performance targets are met. Blake is not expected at this time to receive future equity awards, Home Depot said.