LONDON — Burberry chief executive Rose Marie Bravo took home a total of $9.2 million in the luxury goods firm’s 2003 fiscal year — including a bonus that amounted to 86 percent of her base salary, according to Burberry’s annual report issued Friday.
Her compensation of $9.2 million, for the year ended March 31, marks a gain of 36 percent over the $6.8 million the Burberry chief executive realized in fiscal 2002.
For the most recent fiscal year, Bravo earned a bonus of $1.3 million based on the attainment of internally set, company targets for operating profit. The bonus could have been as high as 100 percent of her $1.5 million base salary. All figures are quoted in dollars in the annual report.
“This is all about rewards for success, not rewards for failure,” a company spokeswoman told WWD, stressing that the company sets stringent goals for its managers.
In addition to her bonus and base salary, in fiscal 2003, Bravo took home another $6 million — the fruit of a long-term incentive plan set in 1998. The Burberry chief executive also received benefits worth $446,000, which included a car and driver, a flat in Kensington and country club membership.
In the future, Bravo is expected to benefit from two stock option plans. One, which will vest starting this July, features options with a 2.3 pound strike price. The other is a restricted share plan that carries a zero strike price and will vest in July 2005.
Bravo’s employment contract with Burberry comes up for renewal in June 2005. She has been with Burberry since 1997.