Last year’s strong showing by J. Crew Group Inc. is paying off for its management.
In light of the firm’s performance, the compensation committee of its board decided to make discretionary cash payments to certain senior officers, including a $2 million payout to chairman and chief executive officer Millard “Mickey” Drexler, according to a filing with the Securities and Exchange Commission.
Creative director Jenna Lyons will get $325,000 and was also named executive creative director.
The company has gone out of its way to retain Lyons. In October, she was given a onetime cash bonus of $1 million under an agreement stipulating that she would, under certain conditions, return all the money if her employment with J. Crew ended before Oct. 27, 2011.
Other beneficiaries of the board’s largesse last week included Tracy Gardner, president of the retail and direct businesses, who will receive $425,000; chief administrative and financial officer James Scully, who will receive $250,000, and executive vice president Libby Wadle, who will get $200,000.
In a particularly challenging year, J. Crew’s 2009 net income more than doubled to $123.4 million on a 10.5 percent rise in revenues to $1.58 billion. Same-store sales rose 4 percent.