Pay for Hibbett Sports CEO Newsome drops 20 percent

Hibbett Sports Inc. CEO Michael J. Newsome earned $969,474 in total compensation last year, nearly 20 percent less than the previous year and the company says it's because of its underperformance, filings with the Securities and Exchange Commission said.

According to the company's proxy statement, Newsome earned a salary of $465,000 in the recently completed fiscal year 2008, but no bonus or non-equity incentive plan compensation. The previous year, he earned nearly $321,000 in bonuses and incentives.

"The lower than historical payout of annual cash bonuses was the result of failure to achieve pre-determined performance goals set by the (compensation) committee and based on company results as outlined," the proxy said.

Content Continues Below

However, this year, an administrative error in taxes gave him $101,467 in other compensation paid by the company, compared to $29,960 in fiscal 2007, which helped boost this year's total.

All of Hibbett's executives listed in this year's proxy received lower compensation than last year.

Hibbett shares closed Thursday at $18.32, compared to $28.32 the same day a year ago.