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.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)