Two of the top executives at Dollar General have signed new employment agreements that will keep them with the company until the spring of 2015.
CFO David Tehle and General Counsel Susan Lanigan both signed their new contracts this past Monday. The moves had been in the works for a while and were referenced in Dollar General's recently filed annual report. Tehle's package calls for his salary to be at least $678,865, which is up 3.1 percent from his 2011 base. Lanigan will be paid a minimum salary of $554,580, which is 4.6 percent more than what she got in 2011.
The increases are more than the 2.7 percent benchmark laid out earlier this spring by the compensation committee of Dollar General's board. Lanigan's gain also comes on the heels of a 9.6 percent extra raise she received last year as the result of a change in the peer group against which her pay package was measured.
Both new contracts — check the details here — call for Tehle and Lanigan to receive the bonus payments and perquisites as other officers. Among them are gross-up payments that would cover excise taxes levied in the event either executive is in line for a parachute payment — which would likely be the result of a corporate transaction of some kind.
At about noon Friday, shares of Dollar General (Ticker: DG) were changing hands at $47.08, up almost 1 percent on the day. Year to date, they've climbed about 14 percent.