C-store CEOs Taking Home Record Pay
NATIONAL REPORT -- Across every position, from the CEO level down to the store manager level, base salaries showed an increase in 2013 compared to 2011, according to the salary survey component of the exclusive Convenience Store News 2013 HR & Labor Study.
Convenience retail chief executives are taking home record pay. The average compensation (salary plus bonus/commission) for c-store CEOs rose by $20,400, or 9.3 percent, over the last two years. Now totaling $239,700 — of which $187,400 is salary and $52,300 is bonus/commission — this figure exceeds the previous peak of $222,900 achieved in 2006.
One step down in the hierarchy, those holding the president position at c-store companies, are earning 11 percent more today than they were two years ago. Average compensation for c-store company presidents stands at $175,700, an increase of $17,500 compared to 2011.
Meanwhile, at the other end of the spectrum, store managers are earning $40,100 on average — of which $36,500 is salary and $3,600 is bonus/commission. Over the last two years, store managers have seen their total compensation increase by $2,800 or 7.5 percent.
The salary survey also delves into how bonuses and commissions are structured. This year's study reveals that improved profits are now of utmost concern as the No. 1 basis. This differs from 2011 when improved sales topped the list of criteria. Nearly 74 percent of retailers this year cited improved profits as a top factor, quite a boost from 44 percent two years ago.
Improved sales now ranks second, cited by 63 percent of retailers as a top factor, followed by reduced expenses (52.6 percent) and improved productivity (36.8 percent).
The CSNews HR & Labor Study is conducted every other year and analyzes turnover, benefits, wages, salary and more. The full results will be published in the November issue of Convenience Store News.