The chief executive of Framingham-based TJX Cos. earned $21.7 million last year, nearly doubling her compensation, according to documents filed with the Securities and Exchange Commission Thursday.
The total compensation for Carol Meyrowitz made her one of the highest paid executives in Massachusetts last year, though some companies have yet to disclose how they paid top managers.
Meyrowitz’s large raise during the recently completed 2013 fiscal year “was tied to our very strong performance and in line with prior years,” TJX spokeswoman Sherry Lang said in a statement.
Meyrowitz earned $6 million under the company’s incentive plan, in addition to her $1.4 million base salary. She also received stock and option awards valued at $11.4 million, as well as $2.7 million in deferred compensation and $48,550 in other benefits, including a car allowance and financial planning services.
The pay hike appears larger than it really was, Lang contended, because SEC reporting guidelines required the company to declare two years of stock awards, $12.6 million, as compensation for the 2011 fiscal year alone, when in fact the awards were spread over 2011 and 2012. With no reportable stock awards for 2012, Meyrowitz’s total compensation that year was listed as $11.1 million.
A better comparison, the company said, would be between Meyrowitz’s $21.7 million package in 2013 and her average compensation in the previous two years, $17.1 million. Using those figures, the chief executive’s raise was about 27 percent.
TJX earned $1.9 billion in its lastest fiscal year, up 27 percent from the previous year, and sales climbed 12 percent to almost $26 billion. The company’s shares closed the 2013 fiscal year trading at $45.30 per share, a 34 percent increase over the previous year.Callum Borchers can be reached at email@example.com. Follow him on Twitter @callumborchers.