Convenience Store CEOs' Compensation Packages Plummet in 2024 Amid Industry Challenges.

In 2024, convenience store CEOs faced a challenging year due to rising building costs, construction delays, hiring and retention woes, and economic challenges. Joseph DePinto, 7-Eleven's CEO, earned $29.6 million, a notable drop from the $52 million he earned in 2023. Eric Slifka, Global Partners' CEO, earned $14 million, up from $11 million in 2023. CEOs' compensation packages include stock- and equity-driven awards that fluctuate greatly, affecting their earnings significantly.

In 2024, convenience store CEOs navigated a challenging environment marked by rising building costs, construction delays, hiring and retention issues, and broader economic challenges. The year saw significant fluctuations in CEO compensation, largely driven by stock- and equity-driven awards that can vary greatly from year to year.

Joseph DePinto, CEO of 7-Eleven since 2005, earned $29.6 million in fiscal 2024, a notable drop from the $52 million he earned in 2023. Despite a base salary of $2 million, which was higher than the previous year, over 90% of DePinto's earnings came from performance-based incentives. The drop in earnings was attributed to the retailer's financial setbacks due to inflation and a 2.7% decline in same-store sales [1].

Eric Slifka, CEO of Global Partners LP since 2005, saw his total compensation increase to $14 million in 2024, up from $11 million in 2023. This increase was largely due to various awards and non-equity plan compensation, totaling $12.8 million. Slifka's salary increased by $100,000, and he helped the company achieve $1.1 billion in gross profits [1].

Andrew Clyde, president and CEO of Murphy USA since 2013, saw his total compensation reach just over $11 million in 2024, an increase of about $500,000 from the previous year. This increase was driven by stock- and option-based awards, despite a 6% drop in full-year revenue [1].

Wael Sawan, CEO of Shell plc, took home $11 million in 2024, a slight increase from the $9.9 million he earned in 2023. His base salary increased by 4%, and he received $300,000 more in annual bonuses. Shell's board was satisfied with his performance, noting his decisive leadership and tough decisions to address performance challenges [1].

Darren Rebelez, president and CEO of Casey's General Stores since 2019, saw his total compensation remain relatively unchanged at $10.6 million. His salary grew by $50,000, and he led the company through a year of growth, including the acquisition of CEFCO Convenience Stores [1].

Will Monteleone, who became CEO of Par Pacific Holdings in April 2024, took home $9.8 million in his first full year, a significant jump from the $2 million he made in 2023. His earnings were largely driven by option awards, totaling over $6.5 million [1].

Murray Auchincloss, CEO of BP plc since January 2024, took home $7.2 million in his first full year, a notable decrease from the previous year. This decrease was attributed to BP's operational challenges, including a shift in focus from renewable energy to oil production [1].

Alex Miller, president and CEO of Alimentation Couche-Tard, took home $6.8 million in his first year as CEO, a significant increase from the $4 million he earned in 2023. His earnings were driven by company share units and stock options [1].

Joseph Kim, president and CEO of Sunoco since 2018, saw his total compensation increase to $6.3 million in 2024, a jump from the previous years. His salary and stock awards increased, and he led Sunoco through the acquisition of Parkland's assets for over $9 billion [1].

Robert Espey, president and CEO of Parkland Corp., took home $6 million in 2024, a slight decrease from the previous year. He received a severance package of about $5.2 million upon his resignation [1].

Arie Kotler, president, chairman, and CEO of Arko Corp., saw his total earnings dip to $4.8 million in 2024, a decrease from the previous year. This decrease was attributed to a challenging year for the company, which saw a decline in merchandise revenue [1].

In conclusion, 2024 was a year of fluctuations for convenience store CEOs, with significant changes in compensation driven by stock- and equity-based awards. The challenges faced by these retailers had a notable impact on CEO earnings, with some experiencing decreases due to financial setbacks and others seeing increases driven by performance and strategic decisions.

References:
[1] https://www.cstoredive.com/news/how-much-c-store-ceos-make-2024/754006/