KATE COMPENSATION: Craig Leavitt, chief executive officer of Kate Spade & Co., received $26.2 million in total compensation last year, according to a definitive proxy, or Form14A, filed Thursday with the Securities and Exchange Commission. That amount included a base salary of $1.4 million; bonus of $1.6 million, and stock awards valued at $20.8 million. Included in the compensation package were one-time incentive payments, such as the $1.6 million payment made when the company was still Fifth & Pacific before the change to Kate Spade & Co. Leavitt started his position on Feb. 25, 2014.
Former ceo William McComb also received $26.2 million in total compensation, but his consisted of severance payments and the vesting of stock options. He received $6.5 million in severance consisting of $2.6 million in cash, or two times his base salary; $3.9 million representing two times his annual bonus target and prorated annual cash bonus for 2014 of $299,178. He also was approved by the board for the vesting of 855,000 outstanding and unvested non-qualified stock options, valued at $18.2 million. McComb also received 24 months of continuation of benefits for medical, dental, vision and long-term disability and life insurance programs.
This story first appeared in the April 10, 2015 issue of WWD. Subscribe Today.
The company will hold its annual meeting on May 19 at 10 a.m. at its office in North Bergen, N.J.