Many of the convenience retail industry’s top chief executives made more money last fiscal year than they did the year before, even as inflation and changing consumer spending habits continued to challenge c-stores.
Unsurprisingly, former 7-Eleven Inc. CEO Joseph DePinto saw the biggest jump in earnings last year, largely driven by the more than 10 billion yen severance payout he received upon his retirement. Shell’s Wael Sawan, Sunoco’s Joseph Kim and Alimentation Couche-Tard’s Alex Miller all saw year-over-year gains in total compensation.
Another standout was Darren Rebelez, president, chairman and CEO of Casey’s General Stores, who set a new personal compensation record during his time with the Iowa retailer.
Rebelez’s $14.7 million was more than $4 million higher than the roughly $10.6 million he earned each year during the three previous fiscal years. His recent compensation far exceeded the $9.1 million and $8.2 million he garnered in 2022 and 2021, respectively.
Rebelez’s previous highest-earning fiscal year was 2020 — his first full year at Casey’s — when he took home $11.3 million.
The boosts to Rebelez’s compensation this past fiscal year came in several forms. His base salary, stock awards, non-equity incentive plan compensation and “all other compensation” were higher than in the previous year, per Casey’s latest proxy statement.
Casey's CEO's big payday
Rebelez’s record earnings coincided with Casey’s continuing a notable run of consistent gains inside its stores.
Since the company began publicly reporting inside same-store sales in fiscal 2021, Casey’s has posted positive growth every year. Executives and analysts have credited Casey’s restaurant-style approach and steady execution for this steady performance even in the face of broader economic uncertainty.
Casey's inside same-store sales
What’s notable about Rebelez’s record compensation is how much of his pay is tied to Casey’s performance. According to the retailer’s latest proxy statement, 89% of Rebelez’s target compensation is considered at risk, compared to 80% for the company’s other executive officers. This means most of his target compensation can fluctuate based on Casey’s performance rather than being guaranteed.
For comparison, 70% of Couche-Tard CEO Alex Miller’s target compensation last year was at risk, according to Couche-Tard’s latest proxy statement.
Casey’s has already made headlines for its stellar performance in recent years, and Rebelez’s record compensation is a reflection of those results.
