Casey's CEO Darren Rebelez Sets Personal Compensation Record in Latest Fiscal Year

Many of the convenience retail industry's top chief executives earned more in the last fiscal year than they did the year before, even as inflation and shifting consumer spending patterns continued to pressure c-stores, according to recent regulatory filings.

Former 7-Eleven Inc. CEO Joseph DePinto unsurprisingly recorded the largest year-over-year earnings increase, driven primarily by a severance payout exceeding 10 billion yen received upon his retirement. Shell's Wael Sawan, Sunoco's Joseph Kim and Alimentation Couche-Tard's Alex Miller also posted year-over-year gains in total compensation.

Another notable case is Darren Rebelez, president, chairman and CEO of Casey's General Stores, who set a new personal compensation record during his tenure with the Iowa-based retailer.

Rebelez's $14.7 million total compensation was more than $4 million higher than the roughly $10.6 million he earned annually in each of the three preceding fiscal years. That figure also far exceeds the $9.1 million and $8.2 million he received in fiscal 2022 and 2021, respectively.

Rebelez's previous highest-earning fiscal year was 2020 — his first full year at Casey's — when he took home $11.3 million.

The increase in Rebelez's compensation for the latest fiscal year came from multiple components. His base salary, stock awards, non-equity incentive plan compensation and "all other compensation" were all higher than in the prior year, according to Casey's most recent proxy statement.

Casey's CEO's big payday

Darren Rebelez's $14.7 million in total compensation during the latest fiscal year was the most he has earned in a single year during his time with the Iowa retailer.

Rebelez's record earnings coincided with Casey's continuing a notable run of consistent gains within its stores.

Since the company began publicly reporting inside same-store sales in fiscal 2021, Casey's has posted positive growth every year. Executives and analysts have attributed this steady performance to Casey's restaurant-style approach and disciplined execution, even amid broader economic uncertainty.

Casey's inside same-store sales

The retailer has reported positive growth every year since first disclosing the metric in fiscal 2021.

What stands out about Rebelez's record compensation is how much of his pay is tied to Casey's performance. According to the retailer's latest proxy statement, 89% of Rebelez's target compensation is considered at risk, compared with 80% for the company's other executive officers. This structure means the majority of his target compensation can fluctuate based on Casey's results rather than being guaranteed.

For context, 70% of Couche-Tard CEO Alex Miller's target compensation last year was at risk, according to Couche-Tard's latest proxy statement.

Casey's has already drawn attention for its strong performance in recent years, and Rebelez's record compensation reflects those results.