Total compensation for Kohl’s Corp. chief executive officer Kevin Mansell shrank 22 percent last year, to $9 million from $11.6 million, as his stock and option awards fell by more than half.
Mansell, chairman, president and ceo of the Menomonee Falls, Wis.-based midtier retailer, had a 13.6 percent raise in his salary, to $1.2 million, and collected $2.6 million in performance-related non-equity compensation versus none in the previous year. But his stock and option awards, which totaled more than $10.4 million in 2008, fell to $5 million last year. Because of vesting schedules and fluctuating stock prices, those awards weren’t necessarily realized, but were reported when Kohl’s submitted its definitive proxy to the Securities and Exchange Commission on Friday.
Larry Montgomery, who retired as chairman and ceo on Jan. 30, earned $5.7 million, but $1.1 million of that amount, in stock awards, was forfeited upon his retirement.
Kohl’s, which opted to pursue expansion and gains in market share when most of its competitors reined in costs and inventories, was a standout among department stores last year. Net income grew 12 percent to $991 million, and sales rose 4.8 percent, to $17.18 billion, and gained 0.4 percent on a same-store basis.
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