In a regulatory filing with the Securities and Exchange Commission on Friday, J. Crew Group reported Millard “Mickey” Drexler, chairman and ceo, earned total compensation of $1.9 million last year, down from $2.8 million in 2007.
This story first appeared in the April 20, 2009 issue of WWD. Subscribe Today.
Drexler’s $200,000 salary remained the same as the previous year. Although his stock and option awards rose 60.7 percent, to $1.7 million from $1 million in 2007, he and the other listed J. Crew executives received no bonuses in 2008, because the company failed to meet designated performance goals. Drexler collected a $1.5 million bonus in 2007 and $1.6 million in 2006.
Drexler received $14,900 in other compensation, a 40.9 percent decline over the previous year.
Total compensation for Tracy Gardner, president of the retail and direct divisions, shrank 24.8 percent, to $1.9 million, but her salary rose 5.3 percent to $720,700. Gardner’s stock and option rewards also increased 20.9 percent to $1.2 million.
Libby Wadle, executive vice president of the factory and Madewell divisions, had a 15.3 percent dip in total compensation to $958,717, but she earned an 18.2 percent bump in salary, which amounted to $462,000. Wadle’s stock and option awards totaled $488,018, a 38.7 percent jump over the prior year.
For the year, the retailer’s profits fell 44 percent to $54.1 million, or 85 cents a share, from $97.1 million, or $1.52 a share, a year ago. Revenues grew 7 percent to $1.4 billion from $1.3 billion in 2007.
Stock and option awards are reported based on SEC accounting guidelines. Because of vesting schedules and falling share prices, the compensation reported in these categories was not necessarily realized.