Gregg Steinhafel will receive about $15.9 million in severance and other benefits following his dismissal as chief executive officer of Target Corp. The company said in a series of filings with the Securities and Exchange Commission Monday that Steinhafel will remain at Target until as late as Aug. 23 to assist in the transition in management. John Mulligan, chief financial officer, has been named interim president and ceo and Roxanne Austin, a director, has been appointed interim chair. According to Target’s definitive proxy, Steinhafel, upon signing an agreement that includes a nonsolicitation clause and a release of claims, will be eligible for $7.2 million in severance payments, plus $10 million in a deferred compensation plan and, based on Target’s closing stock price as of May 5, restricted stock units with a grant date fair value of $4.1 million. Subtracted from that total of $21.3 million are $5.4 million in supplemental pension plan payments forfeited in exchange for his severance. The proxy showed Steinhafel’s compensation for 2013 dropped 37.3 percent to $13 million from $20.6 million for 2012. The cash portion dropped 65.8 percent to $2 million from $4.4 million as his salary was unchanged at $1.5 million while his performance-based cash bonus dropped to zero from $2.9 million. The sum of his stock and option awards fell 2.9 percent to $10.2 million from $10.5 million but were solely in the form of stock options whereas the stock and option components were essentially equal in 2012. Other payments were down 90 percent, to $509,000 from $5.1 million, with the principal difference the loss of $4.6 million in supplemental pension plan credits due to his dismissal. Steinhafel stepped down as chairman, president and ceo of Target on May 5 following the discounter’s holiday data breach and its troublesome entrance into Canada, which contributed to a 34.3 percent drop in last year’s net income to $1.97 billion. Fourth-quarter revenues slid 5.3 percent, to $21.52 billion, as same-store sales were off 2.5 percent. With his elevation to interim president and ceo, Mulligan’s salary has been raised to $1 million a year from $700,000 and his short-term incentive opportunity to 90 percent of his base salary from the previous level of 80 percent. He was also granted $1 million in restricted stock units that will vest in one-third increments on the anniversary of the grant date. Target will hold its annual meeting at Union Station in Dallas at 1:30 p.m. Central time on June 11, the proxy said.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)