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Gap Inc.’s chairman and chief executive officer, Glenn Murphy, received a 63.3 percent jump in total compensation in 2011 from the year before.
This story first appeared in the April 4, 2012 issue of WWD. Subscribe Today.
The ceo, who joined the firm in August of 2007, last year received total compensation of $9.7 million. That includes a base salary of $1.5 million, stock awards totaling $3.1 million and option awards of $3.1 million. His bonus was $1.7 million.
Murphy’s compensation was $5.9 million in 2010, with the increase last year due to a jump in stock awards and the granting of option awards.
His compensation was disclosed in the firm’s definitive proxy, which was filed with the Securities and Exchange Commission on Tuesday. The proxy also disclosed that the annual meeting for shareholders is set for May 15 at 10 a.m. at Gap’s headquarters in San Francisco.
The regulatory filing also disclosed that directors of the firm last year received an annual retainer fee of $70,000. Those on committees also received either an additional $10,000 or $20,000, depending on the committee served.
Domenico De Sole, former chairman of Tom Ford International and former president and ceo of Gucci Group, received a total director compensation package of $213,999, which includes stock awards of $124,999. He also sits on the compensation and management development committee.
Robert J. Fisher, former nonexecutive chairman of Gap and former Gap interim president and ceo, received $225,441, while William S. Fisher, who previously has held various positions with Gap, received $209,999. Most directors received stock awards valued at $124,999. Neither of the Fishers sit on any board committees.