Executive pay atop the Michael Kors Holdings organizational chart fell last year as stock and options awards to the company’s top two executives shrank to zero.
Even so, chief creative officer Michael Kors and chairman and chief executive officer John Idol did just fine for themselves, pulling in salaries of $1 million and incentive pay of $6.5 million. Along with other compensation, they each received pay of $7.6 million last year.
Salary and incentive pay was unchanged from the year before, when each of the executives also received stock and option awards valued at about $1 million, according to a filing with the Securities and Exchange Commission.
Under new SEC guidelines, the company disclosed that Idol’s pay amounted to 329 times the company’s median pay (minus the ceo).
It was a busy year for Kors, which bought Jimmy Choo for $1.2 billion and has been looking for more brands to add to its portfolio.