Bebe Stores Inc. has detailed its chief executive officer’s salary.
Manny Mashouf rejoined the management team at Bebe as ceo on Feb. 18. In a filing with the Securities and Exchange Commission on Thursday in a Form 8-K, the company said his base salary is $850,000, prorated for any partial year of service. In addition, he is eligible to participate in the company’s bonus plan. He also receives $8,000 a month toward the cost of housing in Los Angeles.
Mashouf became “re-engaged” with the company in October, when the company reorganized part of its organizational structure. At that time, the then-nonexecutive chairman was working with the design and merchandise teams, more in a collaborative arrangement. That changed when the specialty chain’s quarterly earnings results worsened. Mashouf took back the ceo role with the departure last month of its former ceo Jim Wiggett and its former chief financial officer, Liyuan Woo.
Mashouf founded the chain in 1976 and served as chairman and ceo until January 2013 when he passed the ceo post to Steve Birkhold. Birkhold left in June 2014, and was followed by Wigget, who initially was a consultant before becoming interim ceo and later ceo. The retailer’s sales were already on the decline at the time Birkhold took over the ceo role, and his tenure was marked by declining sales and persistent losses.
The retailer is the target of an activist investor.