William Dillard 2nd, chief executive officer of Dillard’s Inc., nearly doubled his reported income in 2009 as the Little Rock, Ark.-based department store group returned to profitability.
This story first appeared in the April 19, 2010 issue of WWD. Subscribe Today.
Dillard’s reported total compensation grew 96.2 percent last year to $4.9 million from $2.5 million in 2008. His salary remained unchanged at $810,000 and, as in 2008, he received neither a bonus nor option awards. However, his stock awards increased more than ninefold, to $454,000 from $48,000, and, based on Dillard’s profitability, he qualified for $812,000 in nonequity incentive plan compensation, versus zero in 2008, when Dillard’s had a net loss, including $197.9 million in pretax charges, of $241.1 million.
Because of vesting schedules and fluctuating stock prices, stock and option awards aren’t necessarily realized by the executives credited with them.
According to the definitive proxy filed with the Securities and Exchange Commission Friday, Dillard’s recorded a change of $2.8 million in pension value and nonqualified deferred compensation, more than half the ceo’s pay, against a change of $1.6 million in 2008. Subtracting this accounting component from Dillard’s earnings, he made $2.2 million last year, 128 percent more than the $945,000 earned in 2008.
Dillard’s logged net income of $68.5 million last year versus its impairment-laden loss in 2008. Revenues contracted 10.8 percent, to $6.09 billion, are fell 10 percent on a same-store basis.
Alex Dillard, president, earned $4.8 million last year, up from $1.3 million in 2008, while Mike Dillard, executive vice president, saw his compensation more than triple to $2.8 million from $917,000.