Top management changes at Jones Apparel Group Inc. and Gap Inc. in 2007 boosted the pay of individual executives.
Wesley R. Card, Jones’ president and chief executive officer, received total compensation of $4 million, compared with $2.6 million in 2006. His package included a base salary of $1.3 million and stock awards of $2.5 million. He was not awarded a bonus.
Card was appointed ceo on July 12, 2007, after his predecessor, Peter Boneparth, left the company. Card had been chief operating officer and chief financial officer.
Boneparth’s outstanding restricted stock awards became vested after his employment ended on July 12, 2007. He earned $16.9 million last year, which included a base salary of $1.3 million and stock awards of $4.3 million. He was not awarded a bonus.
Sidney Kimmel, Jones’ chairman, was paid a total of $1.4 million in 2007, which was on par with 2006. He received a base salary of $1.2 million and “other compensation” totaling $172,895.
At Gap, Glenn Murphy, chairman and ceo, earned a total of $6.3 million, which included a base salary of $755,769, stock and option awards equaling $3 million, and a bonus of $2.1 million.
Murphy replaced Robert Fisher, former chairman, interim president and ceo, in August 2007. Fisher was compensated as chairman and a non-employee director, but did not receive additional compensation for serving as interim president and ceo. Fisher earned $290,000, compared with $299,791 in 2006.
Marka Hansen, president of Gap North America, received total compensation of $4.5 million, compared with $2.6 million in 2006. This included a base salary of $900,000 and stock and option awards of $2.2 million. Hansen was not awarded a bonus.
Dawn Robertson, president of Old Navy, earned a total of $3.4 million, compared with $903,623 a year earlier. This included a base salary of $900,000 and stock and option awards of $1.5 million. She did not receive a bonus.