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.
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