Wal-Mart Stores Inc. boosted the compensation packages of its top executives last year, but Dillard's Inc. went in the opposite direction, according to filings with the Securities and Exchange Commission Tuesday.
Meanwhile, total compensation for Stephen Sadove, chief executive officer of Saks Inc., fell 58.8 percent to $5.8 million, partly because of accounting adjustments for stock options in 2006.
At Wal-Mart, H. Lee Scott Jr., president and chief executive officer, received a 6.5 percent increase to $31.6 million compared with $29.7 million in 2006. The total included a 7.7 percent gain in Scott's base salary to $1.4 million, and a stock and options award valued at $20.9 million. Scott did not receive a bonus last year.
The package for Thomas M. Schoewe, Wal-Mart executive vice president and chief financial officer, increased 12 percent to $8.5 million from $7.6 million. It included a 5.7 percent jump in base salary to $740,000 and a stock and options award of $5.3 million, but no bonus.
John B. Menzer, vice chairman and chief administrative officer, saw his base salary rise 4 percent to slightly over $1 million. He also received a stock and options award totaling $9.2 million. His total package is $14.9 million, up 16.6 percent from $12.7 million in 2006.
Eduardo Castro-Wright, executive vice president and president and ceo of Wal-Mart Stores division, saw his total pay leap 17.9 percent to $7.3 million from $6.2 million. His base salary rose 7.5 percent to $775,000, while the stock and options awarded to him totaled $4.1 million. Castro-Wright also received a $25,000 bonus last year, half of his 2006 bonus, but those payments were made in connection with his prior expatriate assignment as president and ceo of Wal-Mart de Mexico, according to the proxy filing.
The compensation for the leadership at Dillard's Inc. declined as salaries rose but bonuses were eliminated.
The highest-paid executives each had been given a bonus of at least $1.2 million in 2006, according to a proxy filing. Dillard's has been under pressure from shareholders Barington Capital Group LP and Clinton Group Inc. to boost profitability.
The salary of William Dillard 2nd, ceo, increased 5.2 percent to $810,000, but his total compensation fell 36.2 percent to $2.8 million, including stock awards valued at $196,000 and personal use of the company's aircraft valued at $24,000.Other Dillard's executives also saw declines in their total compensation: president Alex Dillard, down 47 percent to $2.2 million; executive vice president Mike Dillard, a decline of 46.3 percent to $1.2 million, and executive vice president Drue Corbusier, a drop of 15.9 percent to $2 million.
At Saks, Sadove's 2007 compensation included stock option awards valued at $352,683, down from $8.5 million the year before, when non-cash accounting adjustment charges inflated the figures.
Sadove's compensation included a salary of $1.1 million, $72,354 for personal usage of corporate aircraft, $55,830 for tax, financial and legal services and $22,377 for a company-leased car and driver.
Total compensation for Ron Frasch, president and chief merchandising officer, jumped 33.1 percent to $3.8 million. It included salary of $1.1 million and a stock and options award totaling $1.1 million.
Brad Martin, who resigned as chairman of the board in May 2007, received compensation of $4.7 million last year, which included a salary of $274,673 and severance.
@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