NEW YORK — With a bonus that was more than two-thirds greater than in fiscal 2001, Limited Brands Inc. chief executive officer Leslie Wexner saw his annual compensation soar in 2002.
This story first appeared in the April 21, 2003 issue of WWD. Subscribe Today.
According to a Securities and Exchange Commission filing released Friday, for the full fiscal year ended Feb. 1, Wexner took home salary and bonuses amounting to $4.4 million. That’s a 40.3 percent increase over last year’s compensation of $3.1 million. While Wexner’s salary increased only 6.8 percent to $1.5 million from $1.4 million a year ago, his bonus shot up 67.5 percent to $2.9 million from $1.7 million.
For the full fiscal year, Limited’s net income sank 3.3 percent to $501.7 million, or 96 cents a diluted share, versus income of $518.9 million, or $1.19, in 2001. Adjusting to eliminate the effects of the Lerner and Lane Bryant divestitures and the recombination with Intimate Brands, net income rose 28.2 percent to $528.2 million, or 99 cents, from $411.9 million, or 78 cents. Net sales for the year were $8.44 billion, up fractionally from $8.42 billion a year earlier. Excluding the adjustment, sales increased 6.5 percent from $7.93 billion a year earlier. Comps rose 3 percent for the year.
Wexner also received other compensation of $1,500, as well as $109,000 as part of an executive contribution plan. While he exercised no options in 2002, Wexner was granted 400,000 options at a strike price of $17.75. The options will begin to vest in four equal installments beginning on the first anniversary of the grant date, and will expire in 2012.