Kevin Mansell, chairman, president and chief executive officer of Kohl’s Corp., saw his total compensation rise 18.2 percent to $9.7 million from $8.2 million in 2013, with the $1.5 million increase stemming almost entirely from a boost in his stock awards, which rose to $7.5 million last year from $6 million in the prior year.
Mansell’s salary increased 1 percent, to $1.35 million from $1.34 million, and his cash bonus was up the same percentage, to $541,000 from $536,000, for cash compensation of $1.89 million versus $1.88 million in the prior year.
Mansell qualified for the minimum amount of cash bonus — equivalent to 40 percent of his salary — because Kohl’s exceeded the low end of its initial earnings guidance for the year. Guidance issued in February 2014 was for earnings per share of $4.05 to $4.45 a share and the company finished fiscal 2014 with EPS of $4.24. Net income declined 2.5 percent to $867 million while sales were essentially flat at $19.02 billion.
Figures for the top executives at Kohl’s were disclosed in the company’s definitive proxy, released to the Securities and Exchange Commission on Monday.
While the increase in stock awards boosted Mansell’s reported income, it won’t necessarily enhance his wealth. Those amounts are reported at grant date fair market value but, because of stock fluctuation, vesting schedules and other variables, aren’t necessarily realized by the officer in question.