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10 Apr

Gap Details Executive Pay

Gap Inc. may be between chief executive officers in the mean time, but it surely still has quite just a few top executives on its payrolls. 

The struggling retailer, which saw sales fall 6.3 percent to $15.6 billion last yr, laid out its executive compensation in its proxy statement to the Securities and Exchange Commission on Wednesday, detailing just who made what. 

As is typical on the upper echelons in retail, the pay packages were heavy on stock and option grants, that are tied to the corporate’s performance and might never materialize for the executives. 

 Here’s the rundown the corporate’s executive pay last yr: 

  • Interim CEO Bob Martin received total compensation of $8.5 million, including $7.4 million in stock awards. 
  • Former CEO Sonia Syngal, who the corporate said left in July “in light of our overall performance,” logged compensation valued at $11.2 million, including $9.9 million in stock and option awards.
  • Former Old Navy chief Nancy Green’s pay tallied $5.1 million and included $4.1 million in stock and options. 
  • Her alternative Horacio Barbeito’s pay totaled $6.8 million, including stock awards of $5.4 million. 

While executive pay — even after a rocky run and quick departure — seems exorbitant to many, compensation experts say boards are at first keen to seek out the suitable leaders to run their multibillion-dollar operations, where good performance helps everyone. 

Gap appears to be readying the corner office and has been moving quickly to clear excess inventory and cut costs to clear the way in which.

On a conference call with analysts this month, Martin said: “The board is getting close to picking the following CEO for Gap Inc. In consequence of the work we’ve got underway to construct a stronger foundation and restore the corporate’s creative muscle, we’re optimistic that it will provide our recent leader with a quicker ramp in driving consistent, profitable growth over the long run.”

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