Chirico’s take included stock and options tagged at $9.1 million, although the final value of those grants will depend on how PVH’s stock price changes, according to details of the executive’s pay disclosed in a filing to the Securities and Exchange Commission.
The ceo, who has worked at the company for 24 years, received a $4 million incentive payment and a salary of $1.4 million as well as pension and other compensation.
Under new SEC rules, PVH gave information about pay at the company overall, determining that its median pay, excepting the ceo, was $16,520. The median employee was a part-time, hourly retail store warehouse associate.
Chirico’s compensation totaled 1,042-times the company’s median pay.
PVH’s sales grew 9 percent to $8.9 billion last year. Net income fell 2 percent, to $537.8 million, but earnings per share rose.
At the time results were reported, Chirico touted PVH’s dedication to its long-term vision and said that last year: “We continued to make investments that centered around areas most impacted by the changing dynamics in the industry — the growing prominence of digital, the importance of having a nimble and responsive supply chain and our ever-present commitment to driving consumer engagement.”
Over the past decade, PVH has been transformed from a company that was perhaps best known for its men’s dress shirt business to a powerhouse of American fashion.
In November, Chirico told analysts “we would love to do an acquisition” and talked about finding a “third brand that we could put on our operating platforms, Europe, North America, Asia and then Brazil.”
But dealmaking can be a fickle process and the ceo said, “It happens when it happens when the opportunities present themselves.”
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