When the going gets tough, the CEO gets dropped. At least, that's what happened at retailing giant Target Corp. (NYSE: TGT) in 2007. Company CEO Bob Ulrich saw his salary and bonuses reduced by 42% last year as the discount retailer failed to meet sales expectations and saw its stock price decline.

Like many CEOs, Ulrich's compensation is tied to its stock price and to the company's financial performance. Although he received $1.66 million in pay and non-stock compensation of $2.89 million (down from $6.13 million), Ulrich's total compensation dropped 67% in 2007 to $12.2 million.

Sounds like quite a bit to many of us, yes? Target explained that some of Ulrich's stock awards for the year were actually made in previous years and expensed in 2007, which makes up for some of the amount. Target officials were pretty clear about saying, "Our financial results in 2007 fell well short of our goals . . . as a result, non-equity incentive payouts for executive officers were near the low end of the payout range, and long-term performance share award payouts were negatively impacted."

Still, more than $12 million is not a bad payday.