Business

Kroger, criticized for ending risk premium, gave CEO $ 22 million

Kroger Co. chief executive Rodney McMullen found himself in a storm of criticism last spring over risk premiums paid to frontline workers.

In early 2020, as the coronavirus swept across the United States, McMullen announced a $ 2 hourly risk increase, or Hero Bonus, for store and warehouse workers. Two months later, the company ended the increase although critics have pointed out that the danger remains.

McMullen, meanwhile, raised $ 22.4 million in compensation for 2020, his biggest harvest since becoming Krogers boss in 2014.

The package, leaked in a regulatory filing on Thursday, rose nearly 6% from a year earlier thanks to a bigger bonus, a bigger package of stock awards and a pay rise. Compensation for the median Krogers employee fell 8% to $ 24,617.

McMullen, a lifer from Kroger, is one of many CEOs who saw their wages increase last year even as the pandemic rocked the U.S. economy and drove millions of people out of work. The typical Russell 1000, a large-company index, said CEO compensation up 3% last year, according to data compiled by Bloomberg and derived from deposits available as of April 30.

Kroger posted record earnings last year, with Americans stocking groceries and eating most meals at home. Its stocks returned 12%, including reinvested dividends, after the S&P 500 rose 18%.

The precarious conditions for frontline workers have led to calls for higher wages from unions, lawmakers and even President Biden, who has campaigned to raise the minimum federal hourly rate to $ 15. Many of America’s biggest employers have decided to raise wages, including Amazon.com Inc. and McDonalds Corp.

Kroger, which operates about 2,740 stores and has 465,000 employees, announced in March its intention to raise the average hourly wage to $ 16 an hour from $ 15.50, a 3% increase. Last April, it also gave full-time workers a bonus of $ 300 and part-time workers half. The Cincinnati-based company said its average hourly wage increases to more than $ 20 including benefits such as health care.

Kroger continues to reward and recognize our associates for their incredible work during this historic time, a spokesperson said in an emailed statement. She also said the company is offering $ 100 to each associate who receives a COVID-19 vaccine.

Bloomberg writer Matthew Boyle contributed to this report.

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