NEW YORK — Leslie H. Wexner, chairman and chief executive of The Limited, doubled his 1993 compensation package to $4.1 million, according to a proxy statement filed with the Securities and Exchange Commission.
The increase came in the form of a restricted stock award of 100,000 shares valued at $2.15 million. Wexner did not receive any stock awards in 1992.
The company said its compensation committee determined that Wexner made less than other ceos of similar-sized retailers and that Wexner’s reward was “in line with competitive norms.”
However, the firm also noted in the filing that Wexner’s base salary remained unchanged at $1.15 million and that his bonus dropped to $660,000 from $710,240 in 1992, reflecting “somewhat below-planned sales growth” last year.
Twenty-five percent of Wexner’s stock vests when the price reaches $30. Another 25 percent vests when the price hits $35; the remaining 50 percent vests at $40.
“To me, it’s an extra incentive tied to the stock’s performance,” said one retail analyst. “If he gets the stock up to those prices, everybody will be happy.”
Another analyst, however, was not happy about Wexner’s compensation.
“How Leslie Wexner can double his compensation when the stock has eroded over the past several years is crazy,” he said.
The Limited stock closed Monday at 19 1/8, down 5/8 on the New York Stock Exchange. Its 52-week high was 24 5/8.