JACK’S PAYDAY: Jack Stahl, chief executive officer of Revlon Inc., was paid $1.12 million in salary and a $1.3 million bonus in 2002. He also received restricted stock valued at $3.1 million. In addition, Stahl was given a $1.8 million loan for taxes related to the secured stock and a $2 million 30-year mortgage for a new primary home, according to a filing with the Securities and Exchange Commission. Struggling under heavy debt, Revlon lost $286.5 million last year on sales of $1.12 billion, as reported. Stahl, former chief operating officer of Coca-Cola Co., joined Revlon in February 2002.
This story first appeared in the March 24, 2003 issue of WWD. Subscribe Today.
CHANGES ARE AFOOT AT SEARS: In a move that will entail more job losses, Sears, Roebuck & Co. is in the process of trimming the costs of its operations amid sliding profits at its credit card division and an ongoing slowdown in sales. According to sources, many of the job cuts are expected at its Hoffman Estates, Ill. headquarters, with a handful elsewhere within the organization. Executives at Sears could not be reached for comment Sunday. Financial sources said the changes in cost structure are necessary and involve all aspects of the retailer’s operations. The plans — including the tally for head count reductions — are expected to be finalized within the next two months.