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Top Man at Wendy’s Took Pay Cut in 2003

March 10, 2004

DES MOINES, Iowa (AP) _ Hamburger chain Wendy’s International Inc. paid its top executive nearly 5 percent less in 2003, according to a regulatory filing.

Although his base salary rose by about $70,000 in 2003, Wendy’s Chairman and Chief Executive Jack M. Schuessler received a lower bonus and fewer stock options than in 2002.

Dublin, Ohio-based Wendy’s disclosed in a proxy statement Tuesday that Schuessler’s base salary rose to $934,192 last year from $863,693 in 2002.

However, the nation’s No. 3 hamburger chain awarded its top executive a bonus of $1.6 million in 2003, down from $1.9 million in 2002. Schuessler also received 318,000 stock options last year, compared with 330,000 in 2002.

Schuessler’s total cash compensation was $3,062,486, the filing with the Securities and Exchange Commission showed. In 2002 the compensation package totaled $3,221,581.

Chief Financial Officer Kerrii Anderson was paid a $388,765 salary and an $803,250 bonus last year. She also received 72,000 options. In 2002 Anderson was paid a $359,885 salary, a $965,625 bonus and was awarded 88,000 options.

The fast-food chain posted 2003 income of $236 million, or $2.05 a share, up from $218.8 million, or $1.89 a share in 2002. Revenue jumped 15 percent, to $3.15 billion.

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