Pandemic or not, the C-suite pay is still good — even if the value of multimillion-dollar stock awards comes with some pretty big strings attached.
Executive pay at publicly held retailers is detailed in annual proxy statements to shareholders ahead of annual meetings. And proxy season is now in full swing, with both L Brands Inc. and Nordstrom Inc. sending their notices to shareholders late Thursday.
Andrew Meslow’s move into the corner office at L Brands, where he took the reins as chief executive officer in May, came with an $18.5 million pay day.
The bulk of his pay came in the form of stock awards valued at $12.3 million — although whether or not he ever sees that value will depend on vesting schedules and how the company performs in the future.
Meslow’s more-immediate take included a salary of $1.2 million and incentive pay of $4.5 million. In addition to navigating the Bath & Body Works parent through the pandemic, he is in the process of splitting it in half, selling or spinning off Victoria’s Secret after an aborted sale to Sycamore Partners last year.
Former L Brands CEO and chairman emeritus Leslie Wexner received compensation of $1.6 million. Last month, Wexner and his wife, Abigail, said they would not stand for re-election to the company’s board.
At Nordstorm, the pay packages showed signs of some pandemic belt-tightening with Erik Nordstrom, CEO, and Peter Nordstrom, president and chief brand officer, receiving no salary from March 29 to Oct. 3 last year.
Erik Nordstrom’s total pay package, including options and other compensation, fell 17.8 percent to $5.6 million, including a $17,602 discount on merchandise, while Peter Nordstorm’s total package decreased 18.4 percent to $5.7 million, including a $21,168 discount on merchandise. The brothers each received a salary of $367,419 and received stock and option awards valued at a total of $4.2 million each.
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