Kevin Mansell, chairman, president and chief executive officer of Kohl’s Corp., saw his overall compensation rise 41.6 percent, to $9.4 million from $6.7 million, as the combination of his stock and option awards more than doubled.
Mansell’s salary remained at $1.3 million and his nonequity incentive plan compensation fell 17.5 percent to $2.1 million from $2.6 million in 2010. However, his stock and option awards, $2.5 million for 2010, hit $5.6 million. Other compensation rose 66.3 percent to $371,000.
Stock and option awards reflect “grant date fair value” and, because of vesting schedules and fluctuating stock prices, aren’t necessarily realized by the executives credited with them. In fact, because of matching stock awards of $7.3 million, both Donald Brennan and John Worthington, Kohl’s chief merchandising officer and chief administrative officer, respectively, outearned Mansell last year with compensation of over $10 million. Both registered total compensation of $10.7 million, representing increases of 179.6 percent for Brennan, who earned $3.8 million in 2010, and 174.1 percent for Worthington, whose prior-year earnings came to $3.9 million.
After a decline in fourth-quarter profits, Kohl’s last year registered net income of $1.17 billion, or $4.30 a diluted share, on sales of $18.8 billion.