Lowe’s CEO earns $11.6 million in 2009

Robert Niblock, Lowe’s chairman and CEO, earned $11.6 million in 2009, according to documents filed with the Security and Exchange Commission (SEC). The home improvement executive received a base salary of $1.1 million, unchanged from last year due to a salary freeze. But his incentive pay rose to $2.8 million, from $1.5 million in 2008.

Niblock’s total compensation package also includes $7.5 million in stock options and grants; $30,297 for personal use of the company’s corporate jet, and $6,816 in contributions to the executive’s 401K plan.

Niblock received $11.3 million in compensation in 2008.

According to the SEC filing, Niblock was paid no bonus but received a $2.8 million incentive award because the company hit its earnings and sales targets, both of which are set by the board of director’s compensation committee. Other recipients of incentive awards in 2009 were president and COO Larry Stone ($1.7 million); executive VP and CFO Robert Hull ($985,836); executive VP merchandising Nick Canter ($926,088) and executive VP business development Greg Bridgeford ($881,277).