Ralph Lauren’s official compensation as chairman and chief executive officer of Polo Ralph Lauren Corp. dropped more than 40 percent during the 2009 fiscal year, despite a 25 percent raise in his base pay.
Lauren’s total compensation in the fiscal year ended March 28 came to $20.3 million, down 40.6 percent from $34.2 million in fiscal 2008. While his salary increased to $1.25 million from $1 million in the prior year under terms of his new employment contract, effective March 30, 2008, the sum of his stock and option awards fell 77 percent to $4.8 million from $20.7 million. In fiscal 2008, his stock awards, totaling $16.2 million versus $5.5 million in 2007 and $610,000 last year, mushroomed as the company accelerated expense recognition based on the end of his previous contract.
Details on Lauren’s pay package were released in a regulatory proxy filing with the Securities and Exchange Commission. Stock and option awards are reported based on SEC accounting guidelines. The amounts provided in these categories weren’t necessarily realized because of vesting schedules and fluctuating share prices.
Lauren’s nonequity incentive plan compensation rose to $13.9 million from $12 million in 2008. All other compensation declined to $400,817 from $452,643, with the majority of last year’s amount attributable to $271,543 in reimbursement for personal travel.
Total compensation for Roger Farah, president and chief operating officer of Polo, declined 10.3 percent to $14.1 million, while executive vice president Jackwyn Nemerov’s rose 1.5 percent to $5.4 million. Both received base salaries of $900,000, unchanged from the prior year.
Meanwhile, Polo said Hubert Joly, president and ceo of Carlson Cos. Inc., aMinneapolis-based hospitality and marketing firm, had joined its board, bringing the number of directors back up to 11, and provided the final results of its recent debt tender offer.
Joly fills the vacancy created in May, when Judith McHale resigned from Polo’s board after her confirmation as Under Secretary for Public Diplomacy and Public Affairs for the State Department in President Obama’s administration.
Polo said it had repurchased and canceled 90.8 million euros, or $127.9 million at current exchange, of its 4.5 percent notes due in 2013. The tender offer allowed for the purchase of up to 100 million euros of the 300 million euros in notes outstanding.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye