VF Corp. chief executive officer Eric Wiseman registered a 14 percent increase in his 2011 compensation as the cash portion of his pay grew faster than his stock and option awards.
According to VF’s definitive proxy, filed with the Securities and Exchange Commission Wednesday, Wiseman, chairman, president and ceo of the Greensboro, N.C.-based jeans and sportswear giant, earned total compensation of $10.6 million in 2011, up from $9.3 million in 2010.
While his salary rose 7.3 percent to $1.1 million, from just over $1 million, his nonequity incentive plan compensation grew 15 percent to $2.5 million from $2.1 million. His stock and option awards expanded less rapidly, coming in at $4.9 million, 5.6 percent above the $4.6 million reported for 2010. Because of vesting schedules and fluctuating stock prices, stock and option awards aren’t necessarily realized by the executives receiving them, but the SEC requires that they be reported at “fair market value” for the periods in which they were earned.
The VF ceo’s reported compensation was also boosted by a 45.2 percent increase, to $2.1 million from $1.5 million, from changes in the value of his pension and deferred compensation earnings, an actuarial adjustment the SEC also requires public companies to record.
VF, which last September acquired The Timberland Co. for $2.3 billion, met or surpassed the performance targets set by the compensation committee of its board for both Wiseman and Robert Shearer, senior vice president and chief financial officer. Adjusted earnings per share rose 27 percent, comfortably above the 9.9 percent target, while gross margin declined 90 basis points, matching the target, and cash flow was $1.08 billion, just above the $1 billion goal. Net revenues excluding Timberland rose 14 percent versus a target of a 6.5 percent organic increase. Overall, net income grew 55.4 percent to $888.1 million on a 22.8 percent spike in revenues to $9.46 billion.
Shearer’s total compensation contracted 19.4 percent, to $3.6 million, on a decline in stock and option awards.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews