Pep Boys' former CEO drove away with a trunkful of Manny, Moe & Jack's dough for his brief tenure.
The Philadelphia auto parts and service chain lists total 2007 compensation for Jeffrey Rachor as $10.64 million, according to its proxy statement today. Rachor was CEO from March 13, 2007, to April 22, 2008. Not bad for little more than nine months of work.
That total figure includes the value of stock and options awards granted to Rachor. The amount - $5.86 million - reflects what the company claims as compensation expense under accounting rules.
Rachor resigned last month to become the CEO of a new car dealership group backed by Dell Inc. founder Michael Dell.
Rachor's salary for 2007 was $1.04 million. His bonus, which was a signing bonus upon his hire, was $1.2 million. He also earned $1.8 million under the company's annual incentive bonus plan.
He did not get any severance for leaving Pep Boys for MSD Automotive Partners L.L.C. For 2008, he received a pro-rated amount of his salary and benefits.
During 2007, Rachor received $97,720 for temporary living and commuting expense reimbursement. His family continued to live in Tennessee while he ran Pep Boys. Rachor had an apartment on Rittenhouse Square.
Michael Odell has been named the interim CEO of the company that has lot money in four of the last five years. Odell, who had joined Pep Boys in September, got a raise of $20,000 per month. His annual base salary is $500,000.