NEW YORK — Gap Inc.’s profits took a dive last year, but not the chairman’s compensation package since it was based on the 1999 corporate performance.
The salary of Millard Drexler last year, according to a Securities and Exchange Commission filing, rose slightly to $2.3 million, from $2.2 million, and he received about $182,000 in other compensation. His bonus shrunk to $3.3 million from $5.7 million. But Drexler got a big boost with a grant of 1.5 million stock options last year, with a present value of about $33 million, compared to 120,000 stock options in 1999. By some estimates, Drexler’s compensation virtually tripled. The package could shrink this year due to last year’s 22 percent plunge in profits.
Another filing disclosed that Warren Buffet, through Berkshire Hathaway, spent $204 million to purchase about 8 million Gap shares in February, roughly a 0.9 percent stake at an average price of $25.50 a share. On Thursday, Gap stock closed up $1.10 to $24.50 on the NYSE.