COMPENSATION PACKAGES DECLINE AT PVH: Total compensation packages at PVH Corp. fell in 2011, due mostly to declines in the value of stock awards and the annual bonus, according to its proxy filed Thursday with the Securities and Exchange Commission. Emanuel Chirico, chairman and chief executive officer, saw his compensation package decline 34 percent to $8.5 million from $12.9 million in 2010. While his base salary rose to nearly $1.3 million from $1.2 million, the value of stock awards fell to $2 million from $4.5 million and his bonus was nearly $3.8 million compared with $6.5 million in 2010.
Fred Gehring, ceo of Tommy Hilfiger and PVH International Operations, had a total compensation package of $6.8 million versus $15.3 million in 2010. Gehring had a base salary of $1.2 million in 2011 and stock awards totaling $686,083. His 2011 bonus was $3.5 million. Gehring didn’t receive a base salary in 2010, but the value of stock awards was $10 million and the bonus was $3.3 million. The company said his stock awards include restricted stock issued to him as part of the consideration for his ownership interest in Hilfiger.
Paul Thomas Murry, president and ceo of Calvin Klein Inc., received a total compensation package of $3.8 million in 2011, or a 22.6 percent decline from $4.9 million in 2010. His base salary increased to $900,000 from $883,333, while the total value of stock awards was $419,419 from $1.4 million in 2010. Murry’s bonus in 2011 was $1.4 million from $1.7 million a year ago.
The full value of stock awards might not be realized because of vesting schedules and stock price fluctuations.