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SANFORD, N.C. -- According to documents filed Friday with the Securities and Exchange Commission (SEC), The Pantry Inc. hired a firm to ensure that its executives' pay is competitive, and used other large companies for salary comparisons, including Dollar General, Tractor Supply Co., BJ's Wholesale Club, Linens 'n Things and Petsmart.
President and CEO Peter Sodini received a base salary of $760,000 for the 2007 fiscal year, which ended in September. That was a raise of 4.4 percent, according to SEC documents cited in a report by The News Observer. Other executives at the chain of more than 1,600 Southeastern convenience stores received raises of about 6 percent.
"In the 4 percent range was about where most people ended up," Sodini said. "There were a couple that were adjusted because they were atypically low ... We want to make sure we're competitive with the industry for similar-sized companies."
In its proxy filing with the SEC, The Pantry also detailed the potential payouts for top executives should the company be sold or an unforeseen event happen. If The Pantry were sold, Sodini would receive nearly $1.9 million. In a case of death or disability, the company would pay out just over $1 million, the newspaper reported.
The Pantry's annual shareholder meeting is scheduled for the morning of March 27.