Lands’ End, the classic all-American brand making progress in its year-old turnaround bid, suitably compensated its top executives last year.
Jerome Griffith, president and chief executive officer, received total compensation of almost $7.2 million, including $867,923 in salary, over $3 million in stock, about $2.5 million in options, a $657,692 bonus and $657,692 in incentive compensation.
James Gooch, executive vice president, chief operating officer, chief financial officer and treasurer, received total compensation of $1.84 million including $647,404 in salary, $331,935 in bonus, $412,502 in stock and $364,165 in incentives.
Joseph Boitano, former executive vice president, chief merchandising and design officer, received $749,311 in total compensation, including $224,615 in salary, $19,435 in bonus, $215,007 in stock, and $290,254 in other compensations.
As previously reported, Lands’ End posted a net profit of $39.8 million in the fourth quarter ended Feb. 2, compared to a loss of $94.8 million in the year-ago period.
This was largely accomplished by focusing on core products, returning to its roots and gaining ground with customers.
“We are in the early stages of [transitioning] back to being a market leader,” Griffith told WWD in a recent interview. “We made tremendous progress last year.”
The company is still in turnaround mode, Griffith said.