NEW YORK — Tiffany & Co. Inc.’s chairman and chief executive officer Michael Kowalski saw his total compensation slip 31.7 percent last year.
The ceo’s total compensation declined to $6.1 million in 2012 from nearly $9 million a year earlier, according to the definitive proxy statement Tiffany filed with the Securities and Exchange Commission on Friday.
The brunt of Kowalski’s compensation cut came from his nonequity incentive plan compensation, which totaled $140,000, down from $1.2 million in 2011. The ceo’s salary remained the same at $997,315. His stock and options also remained stable, slipping just 0.3 percent to $3.1 million.
The reduction in the ceo’s total compensation also resulted from a decline in “changes in pension value and nonqualified deferred compensation earnings,” which in Kowalski’s case slid 50 percent to $1.8 million, from $3.6 million.
Additionally, the executive’s other compensation, which includes life and disability insurance premiums, dipped 18 percent to $141,158.
Because of vesting schedules and fluctuating stock values, stock and option awards aren’t necessarily realized by the named executives but, in accordance with SEC requirements, are reported to the SEC at “grant date fair value.”
For the year ended Jan. 31, the New York-based jeweler said net income fell 5.2 percent to $416.2 million, or $3.25 a diluted share, compared with year-ago income of $439.2 million, or $3.40 a share. Annual sales in 2012 rose 4.2 percent to $3.79 billion, from $3.64 billion in the prior-year period.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast