As Albertsons moves forward in its legal battle with the Federal Trade Commission and several state attorneys general over its proposed $24.6 billion purchase by Kroger, it’s upping the stakes on its legal efforts.
According to a recent proxy statement filing with the Securities and Exchange Commission, the grocer paid its recently hired general counsel, Thomas Moriarty, a combined $4.7 million in compensation in fiscal year 2023.
First reported by Bloomberg Law, Moriarty, who joined Albertsons in July of 2023, received $657,692 in salary (out of a total annual salary of $900,000), $3.5 million in company stock, and $584,221 in cash bonuses.
That’s compared to CEO Vivek Sankaran, who received $15.1 million in compensation in 2023, more than two-thirds of which was in stock awards. Sharon McCollam, president and CFO, earned $6.6 million; Susan Morris, executive vice president and COO, earned $6.5 million; and Anuj Dhanda, executive vice president and chief technology officer, earned $4.3 million.
Moriarty succeeded Juliette Pryor, who was lured away by Lowe’s Cos. with a $12.1 million pay package, according to Bloomberg Law.
The proxy statement also spelled out the terms of service retention incentive (SRI) awards Moriarty and other top executives would receive if the Kroger, Albertsons deal is approved.
Moriarty’s SRI compensation is set at $2.7 million. McCollam and Morris would each receive $4 million and Dhanda would receive $1 million in compensation if the merger goes through. There is no retention package for Sankaran.