That decline is larger than the multichannel retailer’s overall 5.8% sales decline.
In the wake of the Whitney purchase, CEO Shane Evangelist gets a 15.6% raise.
The executive suite at U.S. Auto Parts Network, No. 91 in Internet Retailer’s Top 500 Guide, will look a bit richer in 2011. According to a U.S. Securities and Exchange Commission filing, the company’s board of directors’ compensation committee granted raises to four of five top executives.
CEO Shane Evangelist’s compensation package, composed of a base salary and a target discretionary bonus, will go up 15.6% from $661,986 in 2010 to $765,000 in 2011. Chief operating officer Aaron Coleman’s compensation will increase 4.9% from $426,060 in 2010 to $447,000 in 2011. Vice president of marketing Houman Akhaven’s compensation will go up 2.2% from $356,000 to $364,000 in 2011.
Senior vice president of global procurement Charlie Fischer’s compensation will increase 2.4% from $310,000 in 2011 to $317,500 in 2011. Chief financial officer Ted Sanders’ compensation remains the same at $461,250.
Bonuses are paid at the discretion of the compensation committee based on performance against revenue goals and earnings before interest, taxes, depreciation and amortization, according to the filing.
U.S. Auto Parts purchased competitor Whitney Automotive Group, No. 119 in the Guide, in August for $27.5 million plus debt.
In the third quarter of 2010, the first quarter Whitney sales were incorporated into results, U.S. Auto Parts reported:
- Web sales were $72.3 million, an increase of 53.8% from about $47 million a year earlier.
- Excluding web sales from Whitney, the company’s web sales were $58.7 million, up 24.9% from $47.0 million a year earlier.