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INDIANAPOLIS - Although Marsh Supermarkets' chairman and c.e.o., Don E. Marsh, received a 6.8 percent raise in salary, his bonus was halved, the company revealed last week.
According to the retailer's latest proxy statement to shareholders, Don E. Marsh's salary increased to $1 million this year from $936,539 last year, but his cash bonus decreased by nearly 50 percent, to $278,972. No reason was offered for the decline, but such bonuses are based on the company's performance.
Additionally, Marsh didn't receive any stock options this year, after receiving 100,000 in each of the last two years.
Other Marsh Supermarkets senior executives similarly received salary raises but lower cash bonuses in the latest fiscal year, the company's proxy statement reported.
The company's revenue has remained near $1.6 billion for the last two years as its supermarket sales have stalled. Marsh is now looking to grow by opening restaurants and other specialty outlets.