In the executive pay derby, Victoria’s Secret president and chief executive officer Sharen Turney pulled ahead of her boss, Leslie Wexner, and Gap Inc.’s chairman and ceo Glenn Murphy last year.
This story first appeared in the April 10, 2013 issue of WWD. Subscribe Today.
Turney’s compensation rose 167 percent to $25.6 million, which included a $1.4 million salary, cash incentive pay of $2.4 million and stock and option awards valued at a total of $20.9 million. She might never realize the stated value of stock compensation given vesting schedules and share price fluctuations.
Victoria’s Secret’s comparable-store sales rose 7 percent last year on top of a 14 percent rise in 2011, when Turney’s pay of $9.6 million made her the fourth-highest-paid women in the U.S. fashion industry, according to WWD’s tally.
Wexner, chairman and ceo of the brand’s parent company, L Brands Inc., the former Limited Brands, saw his 2012 compensation hold steady at $19.2 million. Wexner’s compensation included $1.9 million in salary, $5 million in cash incentive pay and stock and option awards valued at $11.3 million.
L Brands has been a perennially strong performer and Wexner’s total compensation equaled $59 million over the past three years.
Murphy’s pay as chairman and ceo of Gap Inc. increased 154 percent to $24.6 million.
His take included a salary of $1.5 million and cash incentive pay of $4.5 million, but the bulk of his compensation came from $18.3 million in stock awards.
Gap’s been on the upswing lately and net profits increased 36.3 percent last year to $1.14 billion.