Beginning her tenure on April 23 after 30 years with Johnson & Johnson, McCoy earned a total of $12.9 million, including a prorated $832,000 of her annual salary of $1.2 million, and a $1.9 million sign-on bonus to take the job, as stipulated in her offer letter from Avon.
The largest part of McCoy’s total compensation came in the form of stock awards, with a grant date fair value of $9.4 million. Of this amount, about $4.3 million was to compensate the new ceo for “forfeiting a significant amount of value in unvested equity and other benefits” resulting from her departure from J&J.
Additionally, McCoy received $591,000 as a cash bonus — nonequity incentive plan compensation — for her achievements during her stay at Avon in 2012, including initial actions on the company’s turnaround and expense reduction program. These details came to light as Avon disclosed its definite proxy to the Securities and Exchange Commission late Tuesday.
Jung, who relinquished the title of ceo upon McCoy’s arrival and stepped down as chairman at the end of the calendar year, earned $6.4 million from Avon last year, including $1.1 million in salary and $5.1 million in stock awards. Her annual salary was reduced to $1 million from $1.4 million when she relinquished the job of ceo.
Because of vesting schedules and fluctuating stock prices, stock and option awards aren’t necessarily realized by the executives to whom they are attributed, but are reported to the SEC at grant date fair value.
Avon last year posted a loss of $42.5 million, versus a profit of $513.6 million in 2011, as revenues dipped 5.1 percent to $10.72 billion. While it won’t face enforcement action from the SEC based on its contact with security analysts, the agency continues to investigate allegations that it bribed government officials in China.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)