Pep Boys 2013 Annual Report Download - page 21
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16
Pay for Performance.
Of the components included in our executive compensation program, the percentage mix between “at-risk” and
fixed compensation (excluding health and welfare benefits), at target levels, for our named executive officers is set
forth in the following charts. “At-risk” compensation is only earned and paid if pre-established performance levels
are achieved or the Company’s stock price appreciates.
At Risk Compensation
President & CEO
Fixed
27%
At Risk
73%
SVP
At Risk
52%
Fixed
48%
Our financial performance in fiscal 2013 was disappointing. Despite continuing to expand our store footprint and
further develop our new ‘Road Ahead’ store model to support our long-term growth objectives, we did not achieve
the short-term goals that we set for the Company in the areas of net income, comparable store sales growth or return
on invested capital. These disappointing results were reflected in our executive officers’ compensation, which is
heavily weighted towards performance-based pay. As a result of our failure to achieve the targets under our annual
incentive bonus plan, none of our tenured executive officers received any short-term incentive payments in respect of
fiscal 2013. In addition, 60% of the three-year long-term performance awards granted to our named executive
officers in fiscal 2010 expired in fiscal 2013 without vesting because the Company failed to achieve specified
thresholds of return on invested capital and total shareholder return over the performance period.
EVP
Fixed
39%
At Risk
61%