QUESTROM’S SLIGHT GAIN: Allen Questrom, chairman and chief executive of J.C. Penney Co. Inc., saw his salary remain flat in fiscal 2003 at $1.35 million compared with 2002 figures. But he did receive a 3.4 percent gain in bonus money, which came in at almost $2.03 million for 2003. According to the company’s proxy statement, which was filed on Thursday with the Securities and Exchange Commission, his five-year employment agreement signed in 2000 provided for an initial annual base salary of $1.25 million. The agreement provides for possible annual increases, with the current base at $1.35 million. The proxy also said that when his performance goals are exceeded, he may be awarded up to 200 percent of his base salary. Questrom’s 2003 bonus represented 150 percent of his annual base salary.
REEBOK ACQUISITION: Reebok International Ltd. said Thursday it will acquire all the outstanding shares of The Hockey Co. Holdings Inc., a hockey apparel and equipment company based in Montreal, for $16.01 a share in cash. Most of the shares are being bought from Wellspring Capital Management, Hockey Co.’s largest shareholder, with 3.3 million shares. The equity value of the proposed transaction is about $204 million, plus the assumption of $125 million in debt, Reebok said. The Hockey Co. has sales of about $240 million, owns a number of brand names and has licensing agreements with the National Hockey League and other leagues. Canadian dollars are converted to the U.S. dollar at current exchange.
EVERLAST EXPANSION: Everlast continues to expand its business on the international front. The active apparel and sporting goods company said it has entered into an agreement with Image & Craft Planning Co. to launch Everlast products in South Korea. The merchandise will hit stores in the fall and will be available at sporting goods retailers, athletic shoe stores and department stores, the company said.
SILVER HIRE: Francois Baufume, a former president of Christian Dior and Kenzo, has resurfaced as executive chairman of French luxury silversmith Christofle. Baufume, 59, who most recently was chairman of Italian fabric mill Ratti, succeeded Maurizio Borletti, who left the firm after a capital increase at Christofle’s parent, Luxury Brand Development. Baufume’s appointment coincided with the hiring of Nicolas Abboud to the post of chief executive officer. Christofle said Abboud will assist Baufume.