Eric Wiseman, VF Corp.’s chairman and chief executive officer, saw his total compensation decline last year to $13.2 million as a result of the lower value of his pension.
His pay package included a salary of $1.4 million, incentive pay of $2.1 million and other compensation of $381,551, part of which was made up by $103,240 in use of company aircraft. The balance of Wiseman’s compensation came in the form of stock and option awards, the value of which might not be realized, and the change in the value of his pension, which added $188,200 last year, down from $4.8 million in 2014.
The pension swing led to a net decline in compensation for the ceo, who made $17.8 million in 2014.
This is period when industry executives’ compensation packages are being reported. On Wednesday, J.C. Penney Co. Inc. said Myron “Mike” Ullman 3rd and Marvin Ellison, who split the ceo duties last year, each made more than $12 million.
Wiseman is well-respected in the industry and has played a big roll in making VF a powerhouse with brands such as The North Face, Vans, Timberland, Wrangler, Lee and Nautica.
And the ceo is working to keep that momentum going.
“We are looking at where they are going to live and why they are living there, the importance of omnichannel and how important is [the expectation of same or] next-day delivery,” Wiseman said last month. “We know that to win five years from now, one needs to provide a consistent brand message for consumers however they engage with you, whether online, in-store or on mobile — it all has to be identical. Everybody needs to get there in a hurry because consumers expect the same functionality and same service regardless of how they engage [with a brand].”
VF plans to return $1.5 billion to its stockholders this year through share repurchases and dividends.