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.
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
This Just In: Industry sources have told WWD that Anastasia Soare is rumored to be considering selling her beauty business, @anastasiabeverlyhills. According to those sources, Soare has tapped investment bank Imperial Capital to explore sale options for her eponymous beauty brand –– and with at least $340 million in net sales, this would be a big deal. Put in context of other recent transactions for makeup companies, Soare’s price tag could be in the billions if she were to sell the whole thing. #wwdnews #wwdbeauty (📷: @clint_spaulding)
@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)