The two top executives at Michael Kors Holdings Ltd. saw their compensation decline compared with a year ago due to the company’s decline in performance in fiscal 2017.
Compensation information was disclosed in the company’s proxy statement filed Tuesday with the Securities and Exchange Commission.
Designer Michael Kors, who holds the titles of honorary chairman and chief creative officer, saw a 43 percent drop in compensation, to nearly $8.7 million in fiscal 2017 compared with $15.1 million in fiscal 2016. For fiscal 2017, the base salary was $1 million. He also received $799,975 in stock awards, and $199,996 in options awards, as well as $6.5 million in non-equity incentive plan compensation. He did not receive any bonus for the year.
John D. Idol, chairman and chief executive officer, also saw his salary drop 43 percent to nearly $8.6 million in fiscal 2017, compared with the $15.1 million he received in the prior year. His base salary, stock awards, option awards and non-executive incentive plan compensation were the same as that of Kors. The difference between the two was in “other compensation,” the catch-all category companies use for incidentals such as health care premiums, life insurance premiums and use of the corporate aircraft. Idol also did not receive a bonus for fiscal 2017.
According to the proxy, the company will hold its annual shareholders’ meeting at 10 a.m. on Aug. 3 at the law office of Baker & McKenzie in London.
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