Taking stock: Retail execs feel economic pinch

Staff -- Home Textiles Today, 5/14/2001

Retailers
(dollar amounts in thousands)

Name, Title	Company	Total cash stock options exercised	Year-over-year % CHG in total comp.	Salary 2000	Bonus 2000	Long-term incentive plan	Total cash compensation	Total cash 3-yr. % CHG. 1998-20001998-2000	Value of stock options exercised
William S. Kellogg, chairman	Kohl's	$34,906	-9.7%	$1,291	$432	$0	$1,723	16.2%	$33,183
Leonard Feinstein, co-chairman and co-ceo	Bed Bath Beyond	19,969	2,562.5	750	0	0	750	0	19,219
Warren Eisenberg, co-chairman and co-ceo	Bed Bath Beyond	19,858	2,547.7	750	0	0	750	0	19,108
Bernard Cammarata, chairman	TJX	18,546	93.3	569	0	1,071	1,641	-51.4	16,905
Arthur Stark, senior vp, chief merchandising officer	Bed Bath Beyond	11,670	3,234.3	392	0	0	392	28.9	11,278
David D. Glass, chairman of the boards executive committee	Wal-Mart	10,483	9.2	1,122	1,778⁽¹⁾	0	2,900	-18.8	7,583
John Nugent, president and ceo	BJ's	9,948	NA	663	404	455	1,521	15.3	8,428
Charles Conaway, chairman and ceo	Kmart	9,031	NA	943	8,088	0	9,031		0
Steven H. Temares, president and coo	Bed Bath & Beyond	8,084	230.8	633	0	0	633	65.3	7,451
Norman Axelrod, chairman and ceo	Linens 'N Things	7,981	12.0	716	360	741	1,817	44.6	6,164
Herbert Zarkin,⁽²⁾ chairman	BJ's	6,249	NA	357	217	0	574	-30.7	5,675
Robert J. Ulrich, chairman and ceo	Target	5,950	-55.4	1,243	2,500	0	3,743	-24.8	2,207
Richard G. Lesser, executive vp, chairman, Marmaxx Group	TJX	3,953	-22.6	1,000	482	631	2,113	-26.2	1,839
Arthur C. Martinez, former chairman, president and ceo	Sears, Roebuck and Co.	3,550	-7.9	1,200	2,350	0	3,550	66.7	0
R. Lawrence Montgomery, ceo	Kohl's	3,142	27.6	846	285	0	1,131	61.8	2,011
Gregg W. Steinhafel, president, Target Stores	Target	2,985	-17.7	831	543	0	1,374	-18.7	1,612
Richard Leto, executive vp and gmm	Kohl's	2,956	NA	493	165	0	658	22	2,297
H. Lee Scott Jr., president and ceo	Wal-Mart	2,742	-49.5	992	1,750⁽¹⁾	0	2,742	52.8	0
Arlene Meier, coo	Kohl's	$2,571	NA	$473	$198	$0	$671	60.1%	$1,900
John W. Irvin, president and ceo	Spiegel	2,544	128.4%	550	1,169	825	2,544	124.9	0
Steven B. Silverstein,⁽³⁾ president	Linens 'N Things	2,474	61.1	366	131	324	821	52.4	1,653
Kenneth B. Woodrow, retired vice chairman	Target	2,463	-46.4	685	301	0	986	-45.2	1,477
Kevin B. Mansell, president	Kohl's	2,238	200.4	643	218	0	861	57.2	1,376
Eugene S. Kahn,⁽⁴⁾ president and ceo	May Dept. Stores	2,092	-15.3	1,288	312	493	2,092	-14.9	0
Thomas M. Coughlin, executive vp, president and ceo, Wal-Mart stores division	Wal-Mart	2,087	-27.3	797	1,120⁽¹⁾	0	1,917	15.2	170
Richard T. Fersch, president and ceo, Eddie Bauer	Spiegel	1,875	-1.8	1,000	500	375	1,875	150	0
Jerome T. Loeb, chairman	May Dept. Stores	1,783	-21.8	1,076	212	335	1,623	-20.2	161
Linda Ahlers, president, Marshall Fields	Target	1,782	NA	704	173	905	1,782	46.2	0
V.J. Castagna,⁽⁵⁾ executive vp and coo, JCPenney stores, merchandising and catalog	J.C.Penney	1,762	35.2	625	1,137	0	1,762		0
Alan Questrom,⁽⁶⁾ chairman and ceo	J.C.Penney	1,731	NA	481	1,250	0	1,731		0
George D. Ittner, president and ceo, Newport News	Spiegel	1,730	103.1	448	606	675	1,730	50.8	0
James M. Zimmerman, chairman and ceo	Federated Dept. Stores	1,425	-83.4	1,250	0	175	1,425	-52.9	0
Melissa Payner, president and ceo, Spiegel catalog	Spiegel	1,421	NA	400	421	600	1,421	152.6	0
Edmond J. English, president and ceo	TJX	1,343	21.6	768	370	204	1,343	110.3	0
Rakesh K. Kaul,⁽⁷⁾ president and ceo	Hanover Direct	1,307	-11.9	563	745	0	1,307	81.1	0
Mark A. Cohen, president, softlines chief marketing officer	Sears, Roebuck and Co.	1,282	-6.5	550	732	0	1,282		0
James E. Oesterreicher,⁽⁸⁾ chairman and ceo	J.C.Penney	1,201	6.0	704	497	0	1,201	13.1	0
Thomas R. Grimm, executive vp and president and ceo, Sam's Clubs	Wal-Mart	1,199	35.5	590	608(1)	0	1,199	322.6	0
Terry J. Lundgren, president and chief merchandising officer	Federated Dept. Stores	1,180	-56.3	1,083	0	97	1,180	-44.5	0
Judith Hofer, ceo, May Merchandising Company	May Dept. Stores	1,014	NA	725	109	180	1,014		0
Floyd Hall, former chairman, president and ceo	Kmart	1,005	-62.5	519	487	0	1,005	-62.5	0
Carol Meyrowitz, executive vp, president, Marmaxx group	TJX	913	NA	525	179	209	913		0
A.A. Giancamilli, former president and coo	Kmart	756	-36.4	756	0	0	756	-35.6	0
William Dillard II, ceo	Dillard's	710	-64.8	710	0	0	710	-45.4	0
Laura Sen, executive vp, merchandising	BJ's	686	NA	280	102	303	686	27.4	0
Alex Dillard, president	Dillard's	$620	-67.8%	$620	$0	$0	$620	-48.8%	$0
Richard B. Hoffman,⁽⁹⁾ senior vp and coo	Hanover Direct	593	-6.2	296	297	0	593	135.9	0
Scott Richards, executive vp, merchandising	HomeBase	575	NA	275	0	300	575	65	0
Michael Lutz,⁽¹⁰⁾ executive vp and coo	Hanover Direct	546	3.2	322	224	0	546	68.1	0
Mike Dillard, executive vp	Dillard's	540	-67.8	540	0	0	540	-35.7	0
Drue Corbusier, executive vp	Dillard's	500	-59.2	500	0	0	500	-33.3	0
M. Bozic,⁽¹¹⁾ former vice chairman	Kmart	500	-51.1	500	0	0	500	163.2	0
Larry G. Kirk, chairman and ceo	Hancock Fabrics	458	55.3	264	194	0	458	55	0
Jack W. Busby, Jr., president and coo	Hancock Fabrics	356	55.5	206	150	0	356	55.9	0
Herbert Zarkin,⁽²⁾ chairman, president and ceo	HomeBase	350	NA	350	0	0	350	-46.1	0
Thomas C. Shull,⁽¹²⁾ president and ceo	Hanover Direct	75	NA	75	0	0	75	—	0
Allan Sherman,⁽¹³⁾ former president and ceo	HomeBase	69⁽¹⁴⁾	NA	69⁽¹⁴⁾	0	0	69(14)	-93.1	0
NA: Not included in last year's ranking 1. Incentive payment. 2. Chairman of BJ's as well as chairman. president and ceo of BJ's sister company, HomeBase. 3. Promoted to president in March 2001. 4. Since May 1, 1998. 5. Joined company Aug. 1, 1999. 6. Joined the company Sept. 13, 2000. 7. Resigned Dec. 5, 2000. 8. Retired from the company Sept. 30, 2000. 9. Resigned Jan. 5, 2001. 10. Resigned April 6, 2001. 11. Joined company Dec. 1, 1998. 12. Named president and ceo Dec. 5, 2000. 13. Resigned Mar. 2, 2000. 14. Excludes $544,875 in salary continuation connected with his resignation.

OUCH!

And the damage didn't stop with the bonus — several retailing execs had their long-term incentive plan compensation slashed as well, and in the case of the Target team, that's where the real pain was felt. None of the Target team received a nickel in long-term incentive pay last year, compared to hefty payouts the year before. For ceo Bob Ulrich, that's a cut of $4.8 million; for retired vice chairman Kenneth Woodrow, a hit of 2.3 million; and for Gregg Steinhafel, president, a drop of $1.7 million. Since only a handful of retailers receive long-term incentive pay, it is not included as part of the accompanying bonus table.

Ten Biggest Cuts By Dollar Amount
(in $000s)

Executive	Company	Decline in Dollars	2000 Bonus	1999 Bonus	% of Change
James Zimmerman	Federated	-$1,975	$0	$1,975	-100%
Bill Dillard	Dillard's	-1,335	0	1,335	-100
Alex Dillard	Dillard's	-1,335	0	1,335	-100
Bernard Cammerata	TJX	1,163	0	1,163	-100
Terry Lundgren	Federated	1,120	0	1,120	-100
Bob Ulrich	Target	1,000	2,500	3,500	-29
Floyd Hall	Kmart	819	487	1,300	-63
Kenneth Woodrow	Target	780	301	1,100	-72
Mike Dillard	Dillard's	690	0	690	-100
Gregg Steinhafel	Target	662	543	1,205	-55

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Taking stock: Retail execs feel economic pinch

Staff -- Home Textiles Today, 5/14/2001

OUCH!

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