Cash bonuses for the top executives of The Warnaco Group Inc. last year declined from their 2010 levels as the firm failed to meet earnings targets.
Joe Gromek, who retired as president and chief executive officer of the firm on Feb. 1, was the only one of the five named executive officers covered in the company’s definitive proxy to register an increase in overall compensation last year, landing at $10 million, 22.9 percent above his 2010 pay package. His salary rose 4.4 percent to $1.2 million from $1.1 million, while his cash bonus, classified as “nonequity incentive plan compensation,” dropped 58.7 percent to $1.3 million from $3.2 million for the prior year.
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