Caleres posted a $ 5.4 million loss last year, but Chief Diane Sullivan saw her salary rise 17 percent to $ 8.3 million.
Diane M. Sullivan, President, CEO and Chairwoman of Caleres.
Brad Trent
Sullivan earned a salary of $ 1.15 million and a bonus of $ 1.18 million, which was 68 percent of the target amount. Details of their compensation were given in a. reported Power of Attorney Form Filed Thursday.
Most of the CEO’s salary package was $ 5.7 million worth of stocks. Half of this is attributable to performance shares, which depend on Caleres’ profit and revenue growth between 2018 and 2020. A similar award from 2016 was paid out at 43 percent of the target.
Sullivan’s salary also included a $ 182,537 increase in pension value and some fringe benefits: $ 25,000 for financial and tax planning, $ 43,968 for personal flights on corporate aircraft, and $ 10,000 in complimentary products and related charitable gifts.
Sullivan made 381 times the average Caleres employee. The company says its 12,055 employees, 40 percent of whom are part-time, earned an average salary of $ 21,839.
The Clayton-based shoe company reported last month that it lost $ 5.4 million in the 2018 fiscal year that ended February 2. Much of this was a write-down of the Allen Edmonds division and acquisition-related costs. The company said “adjusted” earnings per share were up 2.3 percent.
