NEW YORK — William Lauder, president and chief executive officer of the Estée Lauder Cos. until March, saw his total compensation increase 16.1 percent in fiscal 2008 to $9.2 million. That included a salary of $1.5 million, stock awards valued at $2.2 million and options awards of $2.3 million and other compensation, according to a filing with the Securities and Exchange Commission Monday.
Lauder stepped down as president in March, when Fabrizio Freda joined the beauty group from Procter & Gamble as president and chief operating officer.
Still, leadership has its costs. Under the firm’s 2005 flight safety policy, its ceo and chairman should not fly together for any reason. That means the ceo can’t take trips with his father, chairman Leonard Lauder.
“One effect of the policy was to increase the costs of certain nonbusiness trips for Mr. W. Lauder,” said the firm’s proxy filing. “In order to remedy this, we allowed Mr. W. Lauder to use companyprovided aircraft for nonbusiness trips where it was necessary to comply with the flight safety policy at an incremental cost to us of $27,186 in fiscal 2008.”
Among the rest of the beauty firm’s top brass, Daniel Brestle, vice chairman and president of the Estée Lauder Cos. North America,, saw a 0.7 percent dip in his 2008 compensation to $7.1 million, as John Demsey, group president, saw a 19 percent jump to $4.2 million, and Cedric Prouvé saw a 3.4 percent rise to $4 million. Brestle was chief operating officer until March 2.
As chairman, Leonard Lauder received a salary of $1.4 million and a bonus of $1.8 million, the same as last year.
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews