Art Peck, president and chief executive officer of Gap Inc., has no doubt been putting in long hours at the office as he oversees the iconic company split into two, but he has been compensated accordingly.
His total pay package came to just under $21 million last year, up from $15.5 million in 2017 and $8.9 million the prior year, the retailer’s filing with the Securities and Exchange Commission showed.
For 2018, his compensation was made up of a $1.5 million salary, around $19 million in stock and option awards and $220,440 in all other compensation. The full value of the stock and options, however, may never be realized due to fluctuations in stock prices and vesting schedules.
Gap announced in February that it is splitting itself into two publicly traded companies. One will be made up of Old Navy, while the other — a yet-to-be-named company — will consist of Gap, Athleta, Banana Republic, Intermix and Hill City.
Peck will run the new company, set to be created by next year, while Sonia Syngal, president and ceo of Old Navy, will remain in place.
Also in the announcement, the company unveiled plans to shutter around 230 Gap stores over the next two years.