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.
The company will hold its annual meeting on May 19 at 10 a.m. at its office in North Bergen, N.J.