NEW YORK — Phillips-Van Heusen Corp.’s chief executive officer Emanuel Chirico received a total pay package of $6.7 million in 2006, according to a regulatory filing with the Securities and Exchange Commission on Wednesday.
Chirico, who replaced Mark Weber as ceo on Feb. 27, 2006, earned a base salary of $992,436. He was not awarded a bonus. Chirico previously served as president and chief operating officer at the company.
Weber, who succeeded Bruce Klatsky as ceo in 2005, received $5.1 million in total pay. Weber, who resigned after eight months on the job, has since become chairman and ceo of Donna Karan International. In connection with the termination of his employment, Weber received severance payments totaling $2.5 million.
Klatsky, who was with PVH for 36 years, retired in 2005, but stayed on as non-executive chairman to oversee the transition. Following Weber’s departure, Klatsky agreed to seek reelection to the board in 2006, mostly to be available as an adviser to Chirico. Klatsky, who last year earned compensation of $194,316, earlier this month said he would leave the company. Klatsky is a partner at LNK Partners, a White Plains, N.Y., private equity investment firm, which he runs with David Landau and Henry Nasella.
Chirico is expected to be named chairman, subject to his reelection at the annual meeting on June 19.
This story first appeared in the May 10, 2007 issue of WWD. Subscribe Today.