The Pep Boys _ Manny, Moe & Jack gave its former chief executive a compensation package worth $17.2 million for just over 10 months of work in 2007, but he had to forfeit 39 percent of it this year after resigning.
Jeffrey Rachor, an executive hired from Sonic Automotive Inc. in March 2007, received a salary of $1.04 million and a bonus of $1.2 million, according to a Securities and Exchange Commission filing made Friday. He left Pep Boys last month.
For the fiscal year that ended Feb. 2, he also got nonequity incentive plan compensation of $1.8 million and other perks worth $743,068, which includes $97,720 in temporary living and commuting expenses.
But when Rachor quit this year, he gave up $520,015 worth of retirement benefits and company matches to deferred compensation.
In 2007, Rachor, who resigned to join a luxury car dealership venture backed by Dell Inc. founder Michael Dell, also was given stock and option awards worth $12.43 million on the date they were granted. But he had to give up $6.22 million in unvested options and restricted shares when he left, the company said.
The remaining options he holds, worth $2.46 million on their grant date, are currently worthless because the price at which Rachor is allowed to buy shares is below what the stock is trading. However, Rachor could stand to gain if the stock rebounds before the options expire in late June.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
(This version CORRECTS CEO tenure during the fiscal year to 10 months.)
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