Alessandro BoglioloTiffany Blue Book Collection: The Four Seasons of Tiffany jewelry collection launch, Arrivals, New York, USA - 09 Oct 2018

Tiffany & Co.’s chief executive officer saw his compensation package drop last year, but he still made close to $11 million.

Alessandro Bogliolo, a veteran luxury industry executive who joined the high-end jeweler in 2017, received a total compensation package of $10.9 million in 2018, although this was down from $13.9 million the prior year when he also had a $2.8 million cash sign-on bonus.

His 2018 compensation package was made up of $1.34 million in salary; stock awards and option awards in surplus of $7 million; $2.1 million in non-equity incentive plan compensation, and $450,724 in all other compensation.

The full value of the stock options may never be realized, however, due to fluctuations in stock prices and vesting schedules.

The compensation news comes after it was revealed that Tiffany suffered a slowdown in sales at the end of last year, as tourists and U.S. consumers pulled back.

Net sales slipped slightly, to $1.32 billion in the fourth quarter from $1.33 billion a year ago, although net profits tallied $204.5 million, up from $61.9 million a year earlier, when tax code changes led to a $146 million charge to the bottom line.

At the time, Bogliolo told WWD that 2018 was a stronger year overall than 2017, but he would have preferred it to be “less volatile.”

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