Supervalu CEO's 2009 Pay Package Valued At $4.1M

But because the company did not meet a series of performance-based goals for the year, Noddle and other top executives did not receive an annual cash bonus. In 2008, he received a performance-based bonus of $1.3 million.

Supervalu has seen some pressure during the recession from food inflation and lower margins as customers trade-down their purchases. The company has cut costs and taken other steps to manage but for fiscal 2009, Supervalu lost $2.86 billion, or $13.51 per share. That is down from a profit of $593 million, or $2.76 per share, in the previous year. Adjusted earnings were $615 million, or $2.89 per share.

Annual revenue improved to $44.56 billion from $44.05 billion for the fiscal year.

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, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.