Neiman Marcus Group Inc. chief executive Burton M. Tansky, who always bristles at the notion of retiring and turns 70 next month, has renewed his contract for another two years.
The contract was set to expire in October 2008 but has been extended to October 2010.
Tansky declined to comment on the contract. He has been at the helm of the Dallas-based chain since the early Nineties and has kept the business focused on luxury and profitability.
A Securities and Exchange Commission filing, which disclosed the contract renewal, lists Tansky's base salary at $1.3 million. The agreement also provides that the employment will automatically be extended for one-year periods after the term of the agreement expires unless, at least six months prior to the commencement of any one period, Tansky or the board decides it's time for him to retire. Tansky also serves as chairman and president of the corporation.
Last October, the Neiman Marcus Group formed an office of the chairman, throwing the spotlight on two veteran officials, Karen Katz and James Skinner, as leading contenders to one day succeed Tansky.
Katz is president and ceo of the Neiman Marcus Stores division and, as part of the chairman's office, she has the additional role of executive vice president of the group, entailing responsibilities for strategy, business development and marketing.
Skinner, senior vice president and chief financial officer, is included in the office of the chairman as well and is also executive vice president and chief financial officer of the group, with responsibility for information services.
The agreement calls for Tansky to work with "reasonable diligence" to identify a ceo successor, though the board can still undertake its own search. There has been widespread speculation that NMG, which Texas Pacific and Warburg Pincus bought in 2005 for $5.1 billion, could go public early next year via an initial public offering. The $4.4 billion company has been on a roll for years, and the luxury sector is generally holding up despite the nation's economic uncertainties stemming from the housing slump, credit crunch and rising fuel costs. The stock market and Wall Street bonuses have also abetted luxury sales, but both are shakier now. Still, Neiman's has been able to weather both good and bad economic times under the direction of Tansky, and his contract extension would give him time to guide Neiman's through an IPO.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)