MCNAUGHTON EXECS REWARDED WITH FIRST BONUSES SINCE 1993
Byline: Thomas J. Ryan
NEW YORK — Rewarded for an earnings turnaround, the top executives at McNaughton Apparel Group last year received their first annual bonuses since 1993.
Peter Boneparth, chief executive, president and chief operating officer, earned a $150,000 bonus in McNaughton’s year ended Nov. 6, lifting his overall compensation to $771,962, according to the firm’s just-released proxy statement. Last year, he earned a $500,000 base salary and no bonus.
In June 1999, the firm entered a new employment agreement with Boneparth to continue as ceo until 2003 at a base salary of $754,000 plus bonuses, the proxy said.
Chairman Sanford Greenberg’s compensation rose last year to $918,500 from $758,000, reflecting a $150,000 bonus. Amanda J. Bokman, vice president, chief financial officer, secretary and treasurer, saw her pay increase to $356,793 from $300,514 due to a $50,000 bonus.
Stuart Bregman, chief executive of the Miss Erika division, remained McNaughton’s highest-paid executive, earning $1.2 million, reflecting a $473,433 salary and $751,309 bonus. Bregman’s bonus is specifically tied to the performance of Miss Erika, acquired in September 1997. In 1998, Bregman earned $429,500 salary and $658,749 bonus.
Last year, McNaughton earned $8.5 million, or $1.11 a share, against a $713,000 loss. The year-ago period included a $1.2 charge tied to the buyback of debt. Sales advanced 18.3 percent to $407.8 million from $344.6 million. According to McNaughton’s 10K, J.C. Penney was its largest customer, representing 20 percent of sales, followed by Federated and May, at 14 percent each.