Auto retailer CarMax CEO Folliard’s compensation jumps to $5.1 million in fiscal 2010

CarMax’s Folliard made $5.1M in fiscal 2010

RICHMOND, Va. — CarMax Inc. CEO Thomas Folliard made $5.1 million in fiscal 2010, about 73 percent more than the previous year, as the used car dealership chain recovered from the worst U.S. auto sales market in decades, according to a calculation by The Associated Press.

Folliard’s salary rose less than 1 percent to $850,000, but he received a $1.7 million performance-based bonus after getting none the previous year. The value of his stock options and stock awards grew about 20 percent to $2.4 million.

The leader of CarMax since 2006, Folliard also received other compensation worth $132,309, including personal use of the company plane valued at $75,000 and a personal car allowance $10,296.

His pay package of $5.1 million was up from $2.9 million the previous year.

The Richmond company earned $281.7 million in fiscal 2010 compared with $59.2 million in the previous year. Revenue for the year increased 7 percent to $7.47 billion.

Stronger sales and profits as well as increasing stability in the credit markets also will allow CarMax to resume store growth over the next few years.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year.

It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, making the AP total different in most cases from the total reported by companies to the Securities and Exchange Commission.

CarMax’s annual shareholders meeting is June 28.