No Bonuses for Top Casey's Executives

ANKENY, Iowa -- Top executives of Casey's General Stores Inc., the Ankeny-based convenience store chain, received no bonuses in fiscal 2003, according to an annual company statement.

The two highest-ranking executives -- Ronald Lamb, president and CEO, and Donald Lamberti, chairman of the executive committee -- also received no pay raises, the report to shareholders said. Both Lamb and Lamberti, a co-founder of the company, received an annual salary of $550,000 for the 12 months ending April 30, and for the previous year. Lamberti retired on April 30.

Lamb, who also serves as chairman, is receiving a salary of $700,000 for the current fiscal year because of his added duties, according to a report in the Des Moines Register.

Casey's annual proxy statement says bonuses are paid only when the company achieves certain levels of financial performance, as measured by the amount of earnings per share of stock.
The statement does not say what the goal was, and Casey's representatives could not be reached for comment.

Sales totaled about $2.1 billion, up from $2 billion in fiscal 2002. Profits totaled $39.5 million. The company reported improvements in its per-gallon profit margin on gasoline. The company's proxy statement reported these salaries for other top Casey's executives in fiscal 2003:
* John Harmon, secretary-treasurer: $228,333, up from $218,333 in fiscal 2002.
* Robert Myers, chief operating officer: $180,833, up from $158,333.
* Jamie Shaffer, vice president and chief financial officer: $203,333, up from $193,333.

The company has 13,000 employees and about 1,300 convenience stores in nine Midwestern states.