Glenn Murphy, chairman and chief executive officer of Gap Inc., received total compensation of $9.3 million in 2008, his first full year on the job.
According to a regulatory filing with the Securities and Exchange Commission, Murphy’s take included salary of $1.5 million, stock and option awards valued at $4 million and non-equity incentive pay of $3 million.
The ceo received other compensation of $834,434, including $211,244 for personal use of a company airplane and $477,044 in expenses for his relocation to California from Canada, where he was chairman and ceo of Shoppers Drug Mart Corp., the country’s largest drug store chain. He joined the retailer in August 2007, and received compensation of $6.3 million that year.
Stock and option awards are reported based on SEC accounting guidelines. The compensation reported in these categories was not necessarily realized because of vesting schedules and falling share prices.
For 2009, Murphy volunteered to reduce the portion of his compensation that comes as salary by 15 percent to $1.3 million, which will also trim the potential size of his bonus.
Among Gap’s other top executives, Sabrina Simmons, executive vice president and chief financial officer, saw her compensation rise 69.2 percent to $2.7 million on a 35.1 percent salary increase to $675,000, and Marka Hansen, president of Gap North America, received a 1.2 percent increase to $4.5 million as her salary remained $900,000.
Last year, Gap’s net income rose 16 percent to $967 million, or $1.34 a diluted share, while sales declined 7.8 percent, to $14.53 billion, and fell 12 percent on a same-store basis. By division, Old Navy North America sales declined to $5.2 billion from $6.2 billion in 2007, Gap North America sales were $4.2 billion versus $4.5 billion and Banana Republic North America sales dropped to $2.4 billion from $2.5 billion. However, increases were logged at international, to $1.7 billion from $1.6 billion, and in the direct area, $1.03 billion from $903 million.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“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