In his role as race track owner, billionaire Bruton Smith took a pay cut last year.
Smith, 81, received about $1.8 million in total compensation from Speedway Motorsports, which owns Lowe's Motor Speedway and six other tracks. His 2007 pay -- made up of salary and bonuses -- dipped 11 percent from about $2 million the previous year.
As chairman and CEO, Smith was paid the same salary, $600,000, both years. His bonus compensation last year was $1.23 million, down from $1.45 million in 2006.
Based in Concord, Speedway Motorsports filed its proxy statement with the Securities and Exchange Commission on Friday. The Observer counts salary, bonus, stock awards, gains from exercised stock options and certain other small payouts as total compensation.
Smith also is chairman and chief executive of Sonic Automotive, an auto retailer that is one of nine Fortune 500 companies in the Charlotte region. Sonic paid Smith about $2.6 million last year, up from roughly $2.3 million in 2006, according to the company's proxy statement filed last month.
After starting the year at $38.53, the stock price for Speedway Motorsports rose to almost $41 last July before closing at $31.08 -- its low point for 2007 -- on Dec. 31.
Last year also saw the drama of Smith threatening to close Lowe's Motor Speedway and build another track in the Charlotte region after Concord leaders challenged his plans for a drag strip on speedway property.
Concord leaders ultimately backed off and promised such incentives as road improvements around the speedway. Smith has pledged upgrades at the speedway along with the new drag strip, now under construction.
None of Speedway Motorsports top four executives received salary increases in 2007, and only one got a bump in bonus money.
Marcus Smith -- the company's executive vice president of national sales and marketing, and Bruton Smith's son -- received $981,378 in bonus, an increase of more than 22 percent.
None of the executives received stock awards or exercised stock options.