LNT grants raises to three execs
By Staff -- Home Textiles Today, 3/26/2008 1:23:00 PM
Clifton, N.J. – Struggling specialty chain Linens ’n Things is using the carrot as much as the stick in its efforts to galvanize management – including raises this month for three senior executives.
In a Form 8-K SEC filing, LNT said its board of directors has approved higher base salaries for svp, cfo Francis Rowan ($300,000); evp of store operations David Coder ($440,000); and evp merchandising Scott Silver ($410,000 plus a one-time bonus of $5,000).
The directors also granted stock options to the execs: the right to purchase 10,000 shares each to Rowan and Coder, and 5,000 shares to Silver.
All the items are effective as of March 31.
LNT also reported it had modified “certain compensatory arrangements” with the “principal executive officer” but did not give details in the 8-K. However in its most recent Form 10-K filing, LNT showed that ceo Robert DiNicola, who has a current annual base salary of $1.35 million, received salary raise in either March 2007 or March 2008. The same document shows that Rowan’s new raise is 9%, Coder’s 3.5%, and Silver’s 2.5%.
The $2.8 billion retailer reported a fiscal 2007 net loss of $242.1 million, more than twice the $106.5 million loss a year earlier.
Anonymous - 2008-03-26 18:07:00 EDT
That's crazy! When are shareholders and boards going to wise up. No one is worth that much, especially if they aren't running a profitible business in the first place. I would wager there are competent people for a fraction of that cost that would enjoy the challenge and probably do a better job. Just goes to show why they are loosing money in the first place.
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