Friday night at the ‘Box…
Late Friday, Jack in the Box (JBX) filed this proxy and it didn’t take me too long to figure out why they chose to file it before a holiday weekend. Here’s a few key tidbits:
–The top five executives received 75% of all stock options granted last year
–The company spent over $120K providing financial planning to the top five execs with nearly half of that spent on outgoing Chairman and CEO Robert Nugent.
–Nugent’s salary increased 23% between 2003 and 2005.
–Nugent’s salary and bonus totalled $2.3 million in 2005, more than any of the other CEO’s in Jack-in-the-Box’s self-described peer group. Those competitors significantly outperformed Jack in the Box.
–Nugent exercised $4.5 million worth of stock, which I suppose explains the need for the $51K spent on financial planning.
Talk about indigestion!