NEW YORK — A new two-year management incentive plan enacted by Levi Strauss & Co. could net Phil Marineau, president and chief executive officer, a $4 million bonus.
The San Francisco-based denim giant announced the change to its cash incentive plan in a regulatory filing with the Securities & Exchange Commission on Thursday.
Earlier this year, the company increased the performance measurement period for its employee long-term incentive program to three years.
The new two-year plan is intended to help retain management as the company makes the transition and will affect about 1,000 employees.
Marineau's target award has been set at $4 million, 35 percent to be paid in February 2006 and the remaining 65 percent in February 2007. John Anderson, president of Levi Strauss Asia Pacific, has a target of $800,000. Paul Mason and Robert Hanson, president of Levi Strauss Europe and U.S., respectively, have target awards of $720,000. Scott LaPorta, president of U.S. Levi Strauss Signature — the company's newest division, targeting the mass channel — has been given a target award of $480,000.
Marineau received $6.3 million in salary, bonus and long-term incentive payouts in 2004.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)