NEW YORK — Thanks to a stellar sales and earnings performance in 2003, Pacific Sunwear of California Inc. rewarded its top executives with hefty increases to their annual pay packages, according to a filing with the Securities and Exchange Commission Monday.
The annual compensation, composed of salary and bonus, of Greg Weaver, chairman and chief executive officer, climbed 25 percent in 2003 to $2.6 million from $2 million in 2002.
Tim Harmon, president and chief merchandising officer, watched his total annual compensation rise 37.8 percent to $1.4 million in 2003 from $1 million in the prior year, while Carl Womack, senior vice president and chief financial officer, had his annual compensation increase by 20.5 percent to $671,944 in 2003 from $557,710 in 2002.
Last week, management at the retailer said Womack would retire later this year. The company is searching for a replacement while Womack stays on through the transition.
Also last week, PacSun posted comparable-store sales that increased 12.4 percent for March. For 2003, total sales soared 23 percent to $1.04 billion while net income rose 61 percent to $80.2 million.
— Arthur Zaczkiewicz