SLIGHT RAISE, NO BONUS FOR SAKS’ CEO
NEW YORK — Saks Inc.’s chairman and chief executive officer R. Brad Martin received an annual base salary of $962,500 in 2001, according to a proxy statement filed by the retailer Thursday with the Securities and Exchange Commission.
The 2001 salary compared with 2000 pay of $950,000. He received no bonus in either period. Other compensation included $110,060, which represents in part the forgiveness of one-fifth of the balance of a $500,000 loan; $688,413 as the value of long-term restricted base incentive stock awards; 465,970 shares in stock options and $379,874 in other compensation. Martin’s employment contract expires May 31, 2006.
In a separate filing, the company’s annual report, Stephen Sadove, vice chairman since January 2002, signed an employment agreement on Jan. 7, which provides him with a base salary of $980,000. According to the filing, he is eligible for a standard bonus of up to 70 percent of his salary based upon meeting certain financial plans, and up to 140 percent of that base for “breakthrough results.”