Ralph Lauren, executive chairman and chief creative officer of Ralph Lauren Corp., saw his overall compensation fall 26.7 percent to $18.3 million last year, according to a filing Thursday with the Securities and Exchange Commission.
While his take included a salary of $1.8 million and incentive pay of $5.3 million, most of Lauren’s compensation came in the form of stock awards valued at $11 million. The true value of the stock, though, will depend on the company’s performance on Wall Street — tying executive pay to the shareholder’s wallet.
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Patrice Louvet, president and chief executive officer, saw his compensation decrease 22 percent to $14.5 million. That included salary of $1.4 million, incentive pay of $3.9 million and stock awards valued at $9.1 million.
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The pay packages were detailed in the company’s proxy statement ahead of its annual meeting, which will be held on virtually on Aug. 3.
The agenda for this year’s meeting is routine, with votes scheduled to elect directors, appoint an auditor and advise on executive pay.
But Lauren and Louvet clearly feel the story they have to tell investors is not routine.
In a letter to shareholders included in the proxy, the pair said: “This past year, we shared our ambition to be the world’s leading luxury lifestyle company and outlined our company’s next phase of growth — our Next Great Chapter: Accelerate plan. Since then, our teams have continued to deliver strong progress on our plan, supported by our multiple strategic growth drivers — elevate and energize the brand, drive the core and expand for more and win in key cities with our consumer ecosystem — and our five key enablers, all while operating in an uncertain macroeconomic environment.”