Maurice Marciano, who made the transition to nonexecutive chairman of and consultant to Guess Inc. at the close of its last fiscal year on Jan. 28, pocketed a $1.4 million special cash bonus in connection with his retirement.
The bonus helped lift his overall compensation last year to $13.8 million, 27.9 percent above the $10.8 million recorded for fiscal 2010. His salary for the year was unchanged at $1 million and he received no nonequity incentive plan compensation after getting $1.9 million in the prior year.
His stock and option awards rose to $8.4 million from $3.4 million, as provisions of his retirement kicked in. Because of vesting schedules and fluctuations in stock prices, his awards may ultimately translate to lesser amounts, but the Securities and Exchange Commission requires they be reported at “grant date fair value.”
The company’s proxy statement, released Wednesday, detailed the ongoing relationship of Marciano, 63, with the company he co-founded with brothers Paul, Armand and Georges in 1981. A two-year consulting arrangement began immediately upon his retirement and provides for fees of $500,000 a year. Outstanding equity awards will continue to vest during his tenure as a director of the firm.
Marciano was executive chairman at the time of his retirement.
Paul Marciano, vice chairman and chief executive officer of Guess, earned a total of $14.4 million last year, 6.7 percent below his 2010 compensation. His salary remained at $1 million and his stock and option awards increased 1.7 percent to $2 million. His nonequity incentive plan compensation, tied closely to the company’s licensing income, was cut in half, to $2.4 million from $4.8 million.
Guess saw its net income fall 8.3 percent to $265.5 million last year as revenues notched up 8.1 percent to $2.69 billion. On Tuesday, the company reported a 37.6 percent drop in first-quarter profits, to $26.6 million, as revenues dropped 2.2 percent to $579.3 million.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@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)