Ralph Lauren backed up a 25.7 percent increase in compensation lastyear with an $857.1 million payday for the conversion and sales of someof his Class B voting shares last month.
Lauren’s reportedcompensation as chairman and chief executive officer of Polo RalphLauren Corp. rose to $27.7 million in fiscal 2010 from $22 million in2009, but still fell nearly $3 million short of the $30.6 million heearned in 2008.
And the conversion of a portion of his Class Bshares and their subsequent sale to the public and firm resulted in an$857.1 million windfall, Polo officials told WWD. Adjusting for brokers’fees, 9 million shares were sold to the public at about $78 each and950,000 shares were provided to the underwriters to cover overallotmentsfor the same amount. Additionally, Lauren sold 1 million shares to thefirm that bears his name at the established price of $81 each.
Lauren’spay package was revealed in the definitive proxy filed by Polo with theSecurities and Exchange Commission Thursday. His salary was unchangedat $1.25 million, but his nonequity incentive plan compensation rose40.4 percent to $19.5 million from $13.9 million in 2009, accounting forthe bulk of his increase.
Other compensation rose 69 percentto $676,000, including $558,000 for reimbursement of personal travel.
Thesum of Lauren’s stock and option awards fell 3.5 percent to $6.3million from $6.5 million. Because of vesting schedules and fluctuatingstock prices, these awards aren’t necessarily realized by theexecutives, but companies are required to report them at grant date fairvalue to the SEC.
Stripping out the noncash awards component,Lauren earned $21.4 million this year, 37.9 percent higher than in 2009.
Lauren, whose net worth was estimated at $4.6 billion by Forbesmagazine prior to the stock sale, is listed in the proxy as the ownerof 2.1 percent of the company’s Class A common stock and 91 percent ofits Class B voting stock. The Lauren family owns all of the votingstock, although the number of Class B shares was reduced as a result ofthe recent stock offering.
In the proxy, Roger Farah, presidentand chief operating officer, was reported to have earned $19.3 millionlast year, about six times the $3.3 million reported for the prior year.Farah collected $9.9 million in nonequity incentive plan compensation,versus $2.2 million in 2009, and he received stock and option awardstotaling $8.4 million, versus none in the prior year.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye