Ralph Lauren, chairman and chief executive officer of Ralph Lauren Corp., received $24 million in total compensation for fiscal 2015, a 2.4 percent dip from the $24.5 million in fiscal 2014.
Compensation for fiscal 2015 included, among other segments, a base salary of nearly $1.8 million, stock awards totaling $9.7 million, option awards totaling $4.6 million and nonequity incentive plan compensation of $7.7 million.
Jackwyn L. Nemerov, president and chief operating officer, saw a 2.5 percent gain in total compensation to $12.6 million from $12.3 million, while Christopher H. Peterson, who was executive vice president, chief administrative officer and chief financial officer in fiscal 2015, saw a 1.2 percent slip in total compensation to $4.28 million from $4.33 million. Peterson became president of global brands on April 1, 2015.
Total compensation was listed in the company’s proxy statement filed with the Securities and Exchange Commission on Thursday. The filing was in connection with its annual shareholders meeting, slated for Aug. 6, at 9:30 a.m., at New York’s St. Regis Hotel.
In the proxy, or Form DEF 14A, it was noted that on April 1, 2015, it entered into an amendment to its employment agreement with Ralph Lauren, effective beginning fiscal 2016. The amendment modified the chairman’s performance and equity-based compensation that is in line with feedback from shareholders and proxy advisors “while continuing to recognize Mr. Lauren’s unique role and extraordinary talent” as founder, visionary and lead designer of the company.
The amendments reduce his total target compensation by 24 percent to $18.75 million from $24.75 million; modifies his annual equity award so long-term incentive payments will be 100 percent performance-based equity; eliminates stock options from his annual equity award and increases maximum bonus payout from 150 percent to 200 of the new target.