Burd’s Pay Down 19.5% in 2009, Includes Blackhawk

MARK HAMSTRA

PLEASANTON, Calif. — The total compensation of Steve Burd, chairman, president and chief executive officer, Safeway, fell by 19.5% in 2009, to $10.89 million.

In a filing with the Securities and Exchange Commission, the company, based here, said Burd’s compensation in all areas, including salary, stock-option awards, incentive bonuses, and pension value and deferred earnings, all fell in 2009, relative to 2008 levels.

For the first time, the total compensation value included the value of stock awards for the company’s Blackhawk gift-card subsidiary. Burd’s share totaled $491,611.

Other executives whose compensation — as calculated in the filing, but, like Burd's, not actually received — reflected the value of Blackhawk included Diane Dietz, executive vice president and chief marketing officer, with just over $1 million from Blackhawk; Laree Renda, EVP and chief strategist and administrative officer, $127,027; Robert Edwards, EVP and chief financial officer, $120,978; and Bruce Everette, EVP, retail operations, also $120,978.

The value of Blackhawk restricted stock — which was first granted under a 2006 plan — was estimated to be $7.50 per Blackhawk share based on the most recent valuation provided by an independent valuation firm, the filing said.

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