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California and the West

Safeway CEO's Pay Is Up 42%

April 14, 2006|From Dow Jones/the Associated Press

Safeway Inc. said Chief Executive Steven Burd received a $3.25-million salary and bonus for 2005, up 42% from the $2.29 million he received for the previous year.

Burd also received 1.03 million options as part of his 2005 compensation, which had an exercise price of $18.11 each and vest in 20% annual increments on anniversaries of the March 18 grant date, according to the company's proxy filed Wednesday with the Securities and Exchange Commission.

Burd exercised 22,862 options last year to realize $285,353.

Safeway had 2005 revenue of $38.42 billion.

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