In Brief: No Bonus For Drexler … Guess Goes Hollywood … To A New Sector
NO BONUS FOR DREXLER: J. Crew Group Inc. said in an April 12 filing with the Securities and Exchange Commission that chief executive officer Millard Drexler did not receive a cash bonus based on the company’s fiscal year 2004...
NO BONUS FOR DREXLER: J. Crew Group Inc. said in an April 12 filing with the Securities and Exchange Commission that chief executive officer Millard Drexler did not receive a cash bonus based on the company’s fiscal year 2004 financial results when operating profits rose to $20 million from $1 million in the prior year. However, the following executives did receive annual bonuses: Jeffrey Pfeifle, president, $500,000; Tracy Gardner, executive vice president, merchandising, planning and production, $300,000; Roxane Al-Fayez, executive vice president of e-commerce and catalog, $250,000, and Scott Hyatt, senior vice president of production, $160,000. J. Crew’s compensation committee also approved base salary increases for each of those executives, including Drexler, for fiscal year 2005, which range up to 12.5 percent, the filing said. It is unclear from the filing why Drexler did not receive a bonus in 2004. The company could not be reached for comment.
GUESS GOES HOLLYWOOD: One week after completion of the sale of Metro-Goldwyn Mayer Inc., Guess nominated the former chief executive officer of the movie studio to its board. Alex Yemenidjian, who was also MGM’s board chairman, left the company that billionaire Kirk Kerkorian sold to a consortium led by Japan’s Sony Corp. for about $4.9 billion. Yemenidjian, 49, is a director of casino operator MGM Mirage, a position he has held since 1989. His election will be at Guess’ annual shareholder meeting on May 10.
TO A NEW SECTOR: Italian fashion and sport watch company Sector Group has named Gianni Pieraccioni as global chief executive officer, replacing Lucio Quinzio Leonelli, who will remain president. Based in Milan, Pieraccioni was managing director of Johnson & Johnson’s personal and health care division for seven years. He also held positions at Pepsico and Procter & Gamble. In the U.S., Sebastiano Di Bari has been promoted to the new post of managing director of New York-based Sector Group USA. Di Bari will lead U.S. operations and report to Pieraccioni. Di Bari joined the company in 2004 as executive vice president of finance and operations. Sector licenses include Roberto Cavalli, Just Cavalli, Moschino, Valentino, United Colors of Benetton and Sisley.
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