Though chairs are changing at the top in the vendor industry, there is still lots of jingle in executive pockets.
For example, Phillips Van-Heusen’s former chief executive officer, Mark Weber, stepped down this year, but still collected a sizable paycheck for his eight-month tenure. The message is that bonuses these days go with the executive territory, especially for top performers. Ralph Lauren’s $15 million bonus for piloting his company to significant profit growth is the winner in that category.
Still, more conditions such as non-compete clauses are being added to employment contracts, noted Elaine Hughes, president of executive search firm E.A. Hughes. “People are trying to hang onto key executives with contracts,” she said. Another change afoot, she noted, is the appearance of stay bonuses given during company transitions.
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