Bonuses for B&N Executives

By Carmen 

The company’s sales might be in decline, but that doesn’t mean its executives can’t reap some of the rewards anyway. Shelf Awareness reports that Barnes & Noble has awarded bonuses to top executives based on results for the fiscal year ended February 3. Under the company’s 2004 Executive Performance Plan CEO Stephen Riggio earns a bonus of $1.2 million; COO Mitchell S. Klipper, $1.2 million; B&N.com CEO Marie J. Toulantis, $975,000; chairman Leonard Riggio, $750,000; CFO Joseph J. Lombardi, $360,000; and B&N Publishing president J. Alan Kahn, $330,000.

Half of the bonuses paid to the Riggios, Klipper and Toulantis will be in the form of restricted shares of the company’s stock vesting in equal annual installments on the first, second and third anniversaries of this past March 13. They were also awarded bonuses of $849,206, $826,088 and $334,603, respectively. The amounts are equal to the annual dividend they would have received from the shares of B&N stock on which they haven’t yet exercised stock options.