It’s no secret that 2024 was a challenging year for convenience retailers. Not only did the tough operating environment result in less revenue for some of the largest players in the industry, but their CEOs earned less as well.
While each company’s situation was unique, convenience retailers across the industry faced many of the same challenges — from rising building costs and construction delays to hiring and retention woes — that left retailers in a tight financial spot heading into 2025.
Total compensation packages for c-store CEOs include various stock- and equity-driven awards that fluctuate considerably. This means an executive can make several millions more — or less — in one year than they did the previous, even if their base salary is the same.
Last year, executives from some of the largest publicly traded c-store retailers saw sizable changes in their earnings because of the presence or absence of these incentives.
Here’s how the CEOs at some of the top publicly traded c-store retailers got paid in 2024, according to C-Store Dive’s analysis of Securities and Exchange Commission documents.
Joseph DePinto
7-Eleven
$29.6 million
Joseph DePinto, 7-Eleven’s CEO since 2005, earned 4.34 billion yen, or about $29.6 million in fiscal 2024 — a notable drop from the $52 million he earned in fiscal 2023, according to parent company Seven & i Holdings’ last two annual securities reports. This drop came even as DePinto’s salary, which Seven & i calls “fixed compensation,” was about $2 million — higher than the $1.8 million he earned in 2023.
Over 90% of DePinto’s annual earnings result from performance-based incentives “in order to encourage the achievement of performance targets,” Seven & i said in its securities reports.
The company did not specify why DePinto’s performance-based earnings were so much lower than in fiscal 2023. However, 7-Eleven endured significant financial setbacks last year as it faced mounting economic challenges brought on by inflation. The retailer’s same-store sales fell 2.7% in fiscal 2024 and are expected to contract by another 1.5% in fiscal 2025.
DePinto also resigned from Seven & i’s board of directors in March.
Eric Slifka
Global Partners LP
$14 million
Eric Slifka, Global Partners’ president and CEO since 2005, garnered just over $14 million in fiscal 2024, outpacing the $11 million he earned in 2023, according to the company’s annual 10-K filing.
On top of his $1.1 million salary — a $100,000 bump from the previous two years — Slifka’s 2024 compensation increase largely resulted from various awards and non-equity plan compensation, which brought him a combined $12.8 million. His 2024 payday is a significant bump compared to what he made in the several years before 2023, including $11.5 million in 2022, $6.5 million in 2021 and $5.5 million in 2020.
Slifka, who was also named Global Partners’ chairman earlier this year, helped the company reach $1.1 billion in gross profits during fiscal 2024, a bump from the $974 million it garnered in 2023.
Andrew Clyde
Murphy USA
$11 million
Andrew Clyde, president and CEO of Murphy USA since 2013, saw about a $500,000 bump in his total compensation year over year, reaching just over $11 million in 2024 according to Murphy’s latest proxy statement.
Clyde’s total compensation has now surpassed $10 million in three straight years after reaching the figure for the first time in fiscal 2022. The main catalyst for the latest increase came from about $1.5 million more in stock- and option-based awards in 2024 compared to 2023. The $500,000 bump came even as Clyde saw his salary drop by about $13,000 compared to 2023, and in a year in which Murphy saw its full-year revenue drop by about 6%.
Wael Sawan
Shell plc
$11 million
Shell CEO Wael Wawan took home $11 million in fiscal 2024, an increase from the $9.9 million he garnered the year before, according to the company’s annual 20-F filing. Not only was Sawan’s base salary of $1.9 million about 4% higher than in 2023, but Sawan also received about $300,000 more in annual bonuses than the prior year. Sawan’s salary increased once again at the start of 2025 — by about 5.5%, according to the report.
These increases came during a year in which Shell’s total cash flow from operations remained essentially unchanged from 2023, but were still lower than in 2022, according to the report. Nonetheless, the company’s board of directors was satisfied with his performance.
“Wael Sawan has demonstrated clear and decisive leadership, driving growth where we have a competitive advantage, and making tough decisions to pause and address performance challenges where needed,” Shell said in its 20-F report.
Darren Rebelez
Casey’s General Stores
$10.6 million
Darren Rebelez, president and CEO of Casey’s since 2019 and chairman since 2023, took home nearly the same amount in fiscal 2024 as he did in the previous year — about $10.6M. Only $19,000 separated the two years, according to the company’s latest proxy statement. Rebelez saw his salary grow by $50,000 and earned slightly more in stock awards and slightly less in non-equity incentive plan compensation compared to 2023.
Although Rebelez’s earnings remained relatively unchanged, he led Casey’s through a year of tremendous growth, spearheading its acquisition of CEFCO Convenience Stores — the largest deal in company history — which marked Casey’s entrance into three Southern states.
Will Monteleone
Par Pacific Holdings
$9.8 million
Will Monteleone, who became CEO of Par Pacific Holdings in April 2024, took home $9.8 million in his first full year leading the convenience retailer, according to the company's latest proxy statement. This marked a significant jump from the $2 million he made in 2023 when he was company president.
A notable portion of Monteleon’s earnings was the more than $6.5 million he made in option awards, according to the report. His promotion came during what Par Pacific called a “challenging financial year” in which adjusted EBITDA dropped by more than 65%, according to its annual report.
Murray Auchincloss
BP plc
$7.2 million
Murray Auchincloss took home 5.4 million pounds, or about $7.2 million in his first full year as BP’s CEO since succeeding former leader Bernard Looney in January 2024. The executive’s earnings were notably less than in fiscal 2023, as BP experienced what it called “a challenging year operationally,” according to the report. The company saw declines across its customers and products business and axed its green investment strategy amid a major reset.
That reset has included laying off about 5% of its global workforce and shifting its focus from renewable energy back to oil production. The shift has also impacted BP’s convenience store segments, although it’s unclear to what extent.
Alex Miller
Alimentation Couche-Tard
$6.8 million
Couche-Tard President and CEO Alex Miller took home about CA$9.3 million, or $6.8 million, in his first year as head of the Canadian convenience retailer. Miller assumed leadership of Couche-Tard in September 2024 after longtime exec Brian Hannasch moved into an advisory role that he’ll hold through October 2026. Miller’s earnings were a jump from the CA$5.6 million, or about $4 million, he took home in fiscal 2023 while he was still chief operating officer.
Miller’s salary during the 2024 fiscal year was just over $1 million. The bulk of his earnings came from company share units and stock options, which garnered Miller a combined $5.6 million in the fiscal year. Miller’s $6.8 million earned in fiscal 2024 was only half of what Hannasch made in fiscal 2023.
Miller, who has been with Couche-Tard since 2012, led the convenience retailer through a profitable fiscal year during which its revenues increased by $3.6 billion, or 5.2%, compared with fiscal 2024. A major highlight of Miller’s first year as CEO was the company’s $1.6 billion purchase of GetGo Café + Markets, the convenience store arm of supermarket chain Giant Eagle.
Joseph Kim
Sunoco
$6.3 million
Joseph Kim, president and CEO of Sunoco since 2018, garnered $6.3 million in fiscal 2024, a jump from the $5.5 million and $4.9 million he earned in 2023 and 2022, respectively, according to the company’s annual 10-K filing. His salary was over $150,000 higher in 2024 compared to 2023 and he earned hundreds of thousands more in stock awards.
Kim notably led Sunoco through one of the biggest c-store deals in recent years when the Texas-based company agreed to acquire Parkland’s assets for over $9 billion. Once the deal closes, The combined company will have an enterprise value of about $25.5 billion and become the largest independent fuel distributor in the Americas.
Robert Espey
Parkland Corp.
$6 million
Parkland Corp. President and CEO Robert Espey took home $6 million in fiscal 2024, a slight decrease from the $6.2 million he garnered in 2023, according to the company’s latest information circular.
Espey, who’s led Parkland since 2011, is set to leave the company by the end of 2025 — a move announced during Parkland’s strategic review earlier this year. According to the filing, Espey’s employment was technically terminated on a “without cause basis” on April 30, and as part of his agreement to step down, he received a severance of about $5.2 million.
About three weeks after Espey’s resignation announcement, Parkland revealed that it agreed to sell its assets to Sunoco.
Arie Kotler
Arko Corp.
$4.8 million
Arie Kotler, president, chairman and CEO of Arko Corp., saw his total earnings dip for the second straight year in fiscal 2024, according to the company’s latest proxy statement.
Despite seeing his salary rise by 3% in 2024, Kotler’s $4.8 million in earnings was a decrease from the $6 million he garnered in 2023. A notable difference between the two years was that Kotler did not receive any option awards in 2024, compared to the $1.3 million in option awards he earned in 2023, according to the report.
Kotler’s decreased earnings came after a challenging year for the company, which saw its merchandise revenue fall by $70.7 million, or 3.8%, and its fuel revenue decrease by $605.5 million, or 8.1%. Kotler told analysts earlier this year that the merchandising drop was largely due to underperforming stores that it closed or converted to dealer sites.
Charles Nifong
CrossAmerica Partners
$1 million
Charles Nifon, president and CEO of CrossAmerica Partners, earned just over $1 million in fiscal 2024, a $144,000 drop from his 2023 earnings, according to the company’s latest 10-K filing.
Nifong’s 2024 salary of $500,000 was the same as the prior year, and the difference in his earrings was how much of his target bonus he secured. According to the report, Nifong’s target bonus is 125% of his base salary, or $625,000, and he took home $223,500 of that amount in 2024 compared to over $371,000 in 2023. The report notes that Nifong’s bonus payout depends on CrossAmerica “being financially efficient” and "maximizing operational excellence” in its retail and wholesale operations.
