Cost-cutting by the management of Belk Inc. last year boosted profitability but took an almost 40 percent bite out of the paycheck of chairman and chief executive officer Tim Belk, according to a proxy filed on Wednesday.
His total compensation was down 38.7 percent, to $1.7 million from $2.8 million in the previous year. While his salary was essentially unchanged at $870,000, neither he nor the company’s other executive officers received stock awards because of a decision by the retailer’s board to suspend them. Belk was eligible for but did not receive almost $1.4 million in such awards for 2008, although he reported this amount to comply with regulatory requirements. The firm doesn’t grant option awards.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"