Buffalo Wild Wings CEO Sally Smith takes 18% pay cut
Sally Smith is known for doing whatever it takes to make her company, Buffalo Wild Wings, successful. And last year, apparently that meant a massive pay cut.
Sally Smith didn't quite sell enough wings last year, so she took a pay cut
Documents filed with the Securities Exchange Commission on Monday show that Smith kept the same $560,000 base salary in 2010. But because the company just missed its revenue targets and in-store sales goal, Smith's overall compensation, including stock options and pension benefits, dropped from $2.4 million in 2009 to $1.97 million last year.
It wasn't because Buffalo Wild Wings is suffering. BW3 had another stellar year, with a 2010 revenue of $613,256,000 for company-owned stores.
Unfortunately for Smith, that total was 96.1 percent of the target, and she had to make 97 percent of the target to get her full bonus. So Smith's bonus dropped from 9.5 percent of her base salary to 4 percent.
In March, industry watch firm Technomic named BW3 the nation's seventh-fastest-growing restaurant chain. The year before, BW3 was third. For more, check out our recent cover story, The Wing to Power.
Hat tip: Minneapolis-St. Paul Business Journal for first noticing the docs.