The compensation was disclosed in a regulatory filing, a Form DEF 14A representing the company’s definitive proxy statement, with the Securities and Exchange Commission. Rendle, who was president and chief operating officer in 2016, was promoted to president and chief executive officer on Jan. 1, 2017. The ceo became chairman upon the retirement of Eric Wiseman, executive chairman, on Oct. 28, 2017. Wiseman was also the company’s former ceo. He retired at the end of 2016.
The filing said the $13.7 million total includes a base salary of $1.1 million. Also included are stock awards totaling $3.3 million and option awards of $3.3 million. The compensation package includes $2.4 million in non-equity incentive plan compensation and $3.3 million representing the present pension value and nonqualified deferred compensation earnings. Other compensation of $246,116 includes items such as VF’s matching contributions under both its executive deferred savings and 401K plans, and $179,047 for use of the company aircraft.
The compensation package for 2016 included a base salary of $945,000, stock awards of $3.9 million and option awards of $1.8 million.
Rendle has been a member of VF’s board since June 2015. Prior to becoming ceo, he oversaw all of VF’s business coalitions worldwide, and was responsible for the company’s supply chain and direct-to-consumer platforms. The ceo, who has a degree in kinesiology from the University of Washington, is also a founding board member of the Outdoor Industry Association’s Outdoor Foundation.