NEW YORK – Bonuses may be flowing on Wall Street but not at Gap Inc. The San Francisco-based specialty retailer’s poor 2005 performance kept bonuses and salary increases virtually nil compared to 2004, according to a proxy statement filed by the company Tuesday listing compensations for its top five highest paid executives.
Paul Pressler, Gap Inc. chief executive officer, did not get a bonus and saw no change in his base salary. It stayed flat with 2004 at $1.5 million. Pressler was granted 500,000 in options valued at $4.17 million. Jenny Ming, president of the Old Navy division, also saw no bonus and no salary increase. Her salary remained the same at $1 million.
Cynthia Harriss, president of Gap North America division, received a “modest” bonus of $59,853, but that was based on about the first third of 2005 when she successfully led the outlet division, according to the filing. Harriss’s 2005 salary was $715,961. In 2005, she was with Disney.
For the complete story, see tomorrow’s WWD