Hastings to Hold Shareholder Meeting June 821 Apr, 2011 By: Erik Gruenwedel
Executive compensation soared despite fiscal downturn
Retailer Hastings Entertainment will hold its annual shareholder meeting June 8 at the Hastings Store Support Center in Amarillo, Texas.
The chain, which operates 145 stores in 20 states selling and renting movies, among other entertainment and consumer electronics products, reported fiscal 2010 income of $1.7 million, down 75% from income of $6.9 million in 2009. Revenue declined slightly to $440 million from $441 million in 2009.
Rental revenue of DVD and Blu-ray Disc movies topped $80 million, down nearly 2% from $81 million in 2009.
Despite the declines, executive compensation soared, spearheaded by founder and CEO John Marmaduke, whose total compensation (salary and stock) totaled nearly $1.2 million, up 44% from total compensation of $863,000 in 2009.
CFO Dan Crow saw his compensation increase nearly 20% to $578,000 from $465,000, while Alan Van Ongevalle, EVP of merchandising, realized a 26% increase in compensation to $658,000 from $485,000.
Kevin Ball, VP of marketing, was the only executive to receive an increase in base salary. His total compensation increased 12% to $321,000 from $285,000.
All five Hastings board members (who do not work for the company) received average annual compensation of more than $72,000 each.