By  on April 10, 2008

Leslie Wexner, chairman and chief executive of Limited Brands Inc., saw his total compensation fall by 27.2 percent last year, thanks mostly to a sharp drop-off in payouts under a performance-based incentive program.

Wexner's 2007 take of $6.8 million included a salary of $1.8 million, stock awards and options valued at $2.8 million and $1.3 million in company-paid security services, according to a filing with the Securities and Exchange Commission.

The chief's payout under the incentive program, which is based on the company's operating income, fell to $437,000 from $3.2 million in 2006.

Even though he sits in the corner office, Wexner wasn't the company's top earner last year.

Compensation for Sharen Turney, executive vice president and ceo of the Victoria's Secret brand, shot up 205.2 percent to $7.1 million last year, largely due to a bonus of $857,000 and stock option awards valued at $3.4 million.

A couple of former executives also out-earned Wexner last year.

Leonard Schlesinger, who resigned his post as vice chairman and chief financial officer in November, registered a 26.7 percent rise in pay to $8.4 million.

Jay Margolis, who left in July when the company sold Express and was the former group president of apparel, saw his compensation increase 62.6 percent to $7.6 million. His take included a $1.3 million retention bonus in connection with the Express.

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