VF Corp. chief executive officer Eric Wiseman’s pay contracted 9.3 percent last year, to $7.2 million, as a higher salary and nonequity incentive plan compensation were unable to offset the loss of a bonus and a decline in stock and option awards.
Wiseman, chairman, president and ceo of the Greensboro, N.C.-based apparel powerhouse, saw his salary move up to $1.04 million from $950,000 and incentive plan earnings rise to $1.15 million from just less than $119,000 in 2008. But he received no bonus, versus a $641,250 payment in 2008, and his stock and option awards fell 27 percent to $4.2 million from $5.7 million in the prior year. Because of vesting schedules and fluctuating stock prices, stock and option awards weren’t necessarily realized but are reported when public companies submit their definitive proxies to the Securities and Exchange Commission, as VF did on Friday.
Wiseman earned a total of $8 million in 2008 and $4.9 million in 2007. President of the firm since 2006, he became ceo in January 2008 and chairman seven months later.
Last year, VF’s sales fell 5.6 percent to $7.22 billion as net income dropped 23.5 percent to $461.3 million, its lowest level since 2003. Its operating margin, return on invested capital and return on average stockholders equity — 11.9 percent, 12.6 percent and 15.6 percent, respectively — all dropped to their lowest levels in five years. However, cash from operations, at $973.5 million, hit a five-year high. VF owns Wrangler, The North Face, Nautica and numerous other brands.
Shares of VF Friday closed at $79.71, down 15 cents, or 0.2 percent, and in intraday trading came within 71 cents of the 52-week high of 80.95. During 2009, they ranged from $46.06 on March 6 to $79.79 on Oct. 26.
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