Gap Inc. might be between chief executive officers at the moment, but it still has quite a few top executives on its payrolls.
The struggling retailer, which saw sales fall 6.3 percent to $15.6 billion last year, laid out its executive compensation in its proxy statement to the Securities and Exchange Commission on Wednesday, detailing just who made what.
As is typical at the upper echelons in retail, the pay packages were heavy on stock and option grants, which are tied to the company’s performance and might never materialize for the executives.
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Here’s the rundown the company’s executive pay last year:
- Interim CEO Bob Martin received total compensation of $8.5 million, including $7.4 million in stock awards.
- Former CEO Sonia Syngal, who the company said left in July “in light of our overall performance,” logged compensation valued at $11.2 million, including $9.9 million in stock and option awards.
- Former Old Navy chief Nancy Green’s pay tallied $5.1 million and included $4.1 million in stock and options.
- Her replacement Horacio Barbeito’s pay totaled $6.8 million, including stock awards of $5.4 million.
While executive pay — even after a rocky run and quick departure — seems exorbitant to many, compensation experts say boards are first and foremost keen to find the right leaders to run their multibillion-dollar operations, where good performance helps everyone.
Gap seems to be readying the corner office and has been moving quickly to clear excess inventory and cut costs to clear the way.
On a conference call with analysts this month, Martin said: “The board is getting close to choosing the next CEO for Gap Inc. As a result of the work we have underway to build a stronger foundation and restore the company’s creative muscle, we are optimistic that this will provide our new leader with a quicker ramp in driving consistent, profitable growth over the long term.”