The cash compensation of Dillard’s Inc.’s two top executives dropped 4.8 percent last year while their total pay packages were cut by more than half because of accounting adjustments.
The salary of William Dillard 2nd, chief executive officer, rose to $950,000 from $900,000 while his cash bonus, or nonequity incentive plan compensation, contracted 7.6 percent to more than $3 million from more than $3.2 million a year ago, putting the cash total at nearly $4 million, from more than $4.1 million in 2011. His stock awards grew 14 percent to $6.9 million from $6 million, and other compensation was up 17.1 percent to $253,000.
However, reported compensation fell 58.5 percent to $4.9 million from $11.8 million a year ago, principally because no “change in pension value and nonqualified deferred compensation” was reported. Last year that column of Dillard’s compensation table included a $6.8 million change.
Alex Dillard, president of the Little Rock, Ark.-based company and William’s brother, had a 5.7 percent increase in salary to $920,000 and a 7.6 percent decline in cash bonus, identical to his brother’s at $3 million. The brothers’ stock awards were virtually identical. The pension value change column was empty, versus a $7.8 million adjustment last year, putting total compensation at $4.8 million, down 61.9 percent.
The brothers were each entitled to 30 percent of a cash bonus pool of $10 million based on a formula incorporating 2012 pretax income and the increase in pretax income over the prior year. Pretax income last year was $481 million, up 19.8 percent over 2011.
The figures were reported in Dillard’s definitive proxy, filed with the Securities and Exchange Commission on Friday. Stock awards aren’t necessarily realized by the executives because of fluctuating stock values and vesting schedules but are reported to the SEC at grant date fair value.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast