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.
This story first appeared in the June 16, 2003 issue of WWD. Subscribe Today.
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.