Bill Wackermann, Condé Nast’s former publishing exec, took a bit of a pay cut when he grabbed the reins as chief executive officer of Wilhelmina International early this year, sources tell WWD.

According to insiders, Wackermann was pulling down a seven-figure salary at the company where he spent more than 20 years in various publisher roles at Glamour, W, Bon Appétit, Brides and most recently, Condé Nast Traveler. At one point he was overseeing multiple titles, but his work was reduced to one title, Traveler, in 2013.

The hard-charging publisher was let go late last year, however, as Condé Nast began cutting costs in order to grow its digital business.

At Wilhelmina, Wackermann’s salary is $500,000, according to the company’s filing with the Securities and Exchange Commission. Wilhelmina said he also gets performance bonuses ranging from between 7 and 15 percent of earnings before interest, taxes, depreciation and amortization of the company’s wholly owned subsidiaries “in excess of certain performance thresholds starting at $5.5 million per year.”

Wackermann will also receive two consecutive annual grants of $200,000 options under the company’s 2015 incentive plan to vest in five equal increments. Wackermann’s employee agreement is two years, subject to annual evergreen — unless the contract isn’t renewed by either party.

load comments
blog comments powered by Disqus