218
Fashion Jobs
SHIMANO
Brand Coordinator
Permanent · UPPSALA
L'OREAL GROUP
Pharmacy Representative - Dermatological Beauty Division - Gothenburg Region
Permanent ·
GANT
Business Controller
Permanent · STOCKHOLM
GANT
Senior Business Controller
Permanent · STOCKHOLM
H&M
Operations Manager to h&m Distribution Center Borås
Permanent · BORÅS
H&M
Web Analyst / qa Data Layer Resource
Permanent · STOCKHOLM
H&M
Data Analyst to h&m – Supply Planning
Permanent · STOCKHOLM
H&M
Engineering Manager Sap Platforms, Sap Dev & Tech
Permanent · STOCKHOLM
H&M
Wifi Solution Architect - Network
Permanent · STOCKHOLM
H&M
Cyber Security Iam Manager
Permanent · STOCKHOLM
NAKD
Head of Sales
Permanent · GOTHENBURG
NAKD
Head of Commercial Business Control
Permanent · GOTHENBURG
H&M
Pension & Benefits Administrator And Process Improver
Permanent · STOCKHOLM
H&M
Technical Engineer For Warehouse Devices Management
Permanent · STOCKHOLM
H&M
Junior Planner to h&m Assortment- Open Application
Permanent · STOCKHOLM
RALPH LAUREN
Sales Professional
Permanent · STOCKHOLM
H&M
Advanced User Team Leader
Permanent · ESKILSTUNA
ZALANDO
Principal Product Manager - Data And Platform (All Genders)
Permanent · STOCKHOLM
ESSILORLUXOTTICA GROUP
Key Account Manager Nordics
Permanent · GOTHENBURG
H&M
Production Manager – Singular Society
Permanent · STOCKHOLM
ZALANDO
Senior Product Manager - Finance & Compliance (All Genders)
Permanent · STOCKHOLM
ZALANDO
Senior Product Manager - Returns Shipping Solutions
Permanent · STOCKHOLM
Ads
Published
Mar 13, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

L Brands CEO takes $9m salary hit as company fails to reach targets

Published
Mar 13, 2018

Leslie H. Wexner, CEO and founder of L Brands, Inc., received $5.7 million in total compensation in 2017, down from $14.7 million in 2016 as earlier restructuring efforts have failed to pay off.


Leslie H. Wexner - L Brands


Wexner’s compensation has decreased consistently since 2015 when L Brands achieved record results. In 2016 the company implemented a number of initiatives aiming to improve the position of its businesses for the future which had a negative short-term effect on the company’s results, leading its Compensation Committee to reduce the CEO’s target compensation for 2017 by 34% from 2016’s $14.7 million.

In an SEC filing on Monday, the company said: "In fiscal 2016, the Company implemented a series of initiatives designed to better position several of our businesses for the future. The short-term effects of some of these initiatives have not yet produced the results that are expected."

The company’s performance in 2017 subsequently led Wexner’s compensation to be reduced even further to the final $5.7 million, a total which is well below the median of CEO compensation among L Brands’ peers.
 
The Columbus, Ohio-based apparel retail group saw net income drop to $983 million in fiscal 2017 compared to $1.158 billion in 2016. Net sales were up to $12.632 billion from $12.574 billion but comparable sales still decreased 3 percent, a disappointing performance that the company attributed to its Victoria’s Secret brand, still suffering from its exit from the swim and apparel categories.
 
In a filing made with the US Securities and Exchange Commission on Monday announcing the company’s annual Stockholders Meeting in May, L Brands was therefore able to affirm “there is alignment between our performance, our stockholders’ interests and our CEO’s pay”.
 
Wexner was recently ranked no. 287 on the Forbes billionaire list, with an estimated worth of $6.1 billion.

Copyright © 2024 FashionNetwork.com All rights reserved.