Carol Meyrowitz, the CEO of the TJX Corporation, which owns the TJ Maxx, Marshalls and Home Goods chains, saw her compensation drop significantly in fiscal 2012, reported a recent article in the Worcester Business Journal.
In 2011, the executive was paid $23.1 million, and recent financial documents filed by the company say that she was paid $11.1 million this year. While at face value this appears to be a drastic drop in compensation, the Journal reported that the company said this was because Meyrowitz was paid performance-based stock awards last year rather than the current one.
Records showed that the stock awards totaled $12.6 million in 2011 and nothing this year.
The greatest actual reduction in the executive's pay was in her base salary which moved from $1.6 million to $1.3 million, due to what the company told the Journal was a shift in responsibilities.
“I am pleased to announce that the City of Marlborough and The TJX Companies, Inc. have agreed in principle to a Tax Increment Financing ("TIF") plan that would allow TJX to expand its operations into Marlborough," said Mayor Arthur Vigeant at the time of the deal. "Working with City Council President Trish Pope and the members of the City Council, I look forward to working with the leaders from TJX and the Marlborough Economic Development Corporation to finalize a competitive package that will allow new investments to be made in Marlborough while bringing needed revenue to the City, and most importantly, jobs for our residents."
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