Emanuel Chirico, for his efforts as chairman and chief executive officer of PVH Corp., saw compensation of $11.6 million last year.
That marked a decline of 10.8 percent from a year earlier, as an increase in incentive pay was overshadowed by a decline in the Chirico’s pension value and deferred compensation.
Chirco’s 2015 haul included a salary of $1.4 million, incentive pay of $2.5 million and a $107,190 rise in the value of his pension and deferred compensation. A year earlier, the ceo received incentive pay of $1.8 million and a $1.8 million bump in the value of his pension.
But the lion’s share of Chirico’s pay for 2015 came in the form of stock and option awards totaling $7.5 million, although he might see that full value given price fluctuations in the company’s shares and vesting schedules.
Chirico is one of the most well-respected executives — and dealmakers — in fashion and is working to get the Tommy Hilfiger business up to full speed. Once it’s clicking along at side PVH’s other giant, Calvin Klein, the company, which logged sales of $8 billion last year, could be back on the hunt.
In March, he told investors: “Right now, the focus will be on the incremental acquisitions…and continuing to maximize what the opportunity is for Calvin and Tommy. And then as we turn 2016 into 2017, opportunistically looking at what’s out there in the world. We generated a tremendous amount of cash. We have not leveraged to any extent given our strong balance sheet dynamics. There is a significant amount of open-to-buy dollars that are there and historically we’ve been a significant acquirer of brands, be it Calvin, Tommy, Warnaco. So I don’t think that’s really going to change, but I think that Tommy in the next 12 months will be continuing to focus on the strategic licensing acquisitions.”