Weis Markets CEO Jonathan Weis in January inked a two-year employment contract with the family-controlled retailer paying a minimum of $1 million annually, with performance bonuses available for sales- and investment-related targets.
The contract, detailed in a filing with the Securities and Exchange Commission Friday, runs through Dec. 31, 2019. Weis, 49, is chairman, president and CEO of the Sunbury, Pa.-based company. The Weis family controls approximately 65% of its stock.
Weis became the company's interim president and CEO in September of 2013 and was appointed president and CEO in February of 2014. The board elected Weis as chairman in April 2015.
Weis’ base salary under the new contract represents a 10.4% increase from his previous contract. In 2016 he was paid a total of $5.6 million, reflecting nearly $4.3 million in incentive compensation.
The company incentive plan filed last week details bonuses available to the CEO based on sales performance vs. company targets, and for performance on return on invested capital.