NEW YORK — A new two-year management incentive plan enacted by Levi Strauss & Co. could net Phil Marineau, president and chief executive officer, a $4 million bonus.
The San Francisco-based denim giant announced the change to its cash incentive plan in a regulatory filing with the Securities & Exchange Commission on Thursday.
Earlier this year, the company increased the performance measurement period for its employee long-term incentive program to three years.
The new two-year plan is intended to help retain management as the company makes the transition and will affect about 1,000 employees.
Marineau’s target award has been set at $4 million, 35 percent to be paid in February 2006 and the remaining 65 percent in February 2007. John Anderson, president of Levi Strauss Asia Pacific, has a target of $800,000. Paul Mason and Robert Hanson, president of Levi Strauss Europe and U.S., respectively, have target awards of $720,000. Scott LaPorta, president of U.S. Levi Strauss Signature — the company’s newest division, targeting the mass channel — has been given a target award of $480,000.
Marineau received $6.3 million in salary, bonus and long-term incentive payouts in 2004.