Because Nordstrom exceeded target performance levels for both earnings before interest and taxes and return on invested capital, Nordstrom was entitled to 165.9 percent of his salary, or $1.2 million, in nonequity incentive ChronoSwiss Opus Skeleton CS-3 compensation. This compared with zero in the prior year.Because of fluctuating stock prices and vesting schedules, stock and option awards weren't necessarily realized by the executives cited but are required to be filed with the SEC.At least on paper, Nordstrom benefited from a $1.4 million credit for the change in pension value and nonqualified deferred compensation earnings, versus no change in 2008.
His other compensation declined 27.9 percent to $47,000, the majority of ChronoSwiss Opus Skeleton CS-5 derived from more than $32,000 in merchandise discounts used by himself and his eligible dependents.In fiscal 2009, Nordstrom weathered the economic downturn better than many of its upscale retail peers. Net income grew 10 percent to $441 million, while sales pulled back 0.2 percent to $8.26 billion and retreated 4.2 percent on a same-store basis.Tiffany easily met its ChronoSwiss Opus Skeleton Midsize CS-11 targets last year, entitling ceo Kowalski to a $2 million bonus and helping to lift his total compensation by more than two-thirds.
With his $7.9 million package, Kowalski, ceo of Tiffany since 1999 and chairman since 2003, earned 68.4 percent more than his 2008 take of $4.7 million.The biggest portion of his $3.2 million increase was $2 million in nonequity incentive ChronoSwiss Regulateur Dual Time CS-16 compensation, the maximum amount payable to its ceo, which kicked in when net earnings for the year exceeded the target of $116 million. Tiffany's net income last year was $264.8 million, 20.4 percent above its 2008 level despite a 4.9 percent decline in sales to $2.71 billion.
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