John Idol, chairman and chief executive officer of Capri Holdings, saw his total pay slip 14 percent to $9.1 million last year, according to a regulatory filing.
Idol received a salary of $1.4 million and incentive pay of $540,000. But most of his take came in the form of stock awards, which were valued at $7 million, although they only really pay off if the company performs in the market.
And Capri’s stock has been in a tough spot. While Tapestry Inc. agreed to buy the company for $57 a share, the stock fell sharply when the government held up the transaction on anti-trust grounds last year. Shares of Capri were trading below $17 on Tuesday, leaving the company with a market capitalization of less than $2 billion.
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While Idol’s pay was more or less routine for a CEO — his incentive pay was the same as it was the year before, but well below the $4.3 million he took home in fiscal 2023 — there were some interesting details on the pay packages taken home by former executives last year.
Thomas Edwards, who had been chief financial and operating officer of Capri, logged a pay package of $4.4 million, including $2.4 million in stock awards, an $800,000 salary and a $1.1 million retention bonus, on paper at least.
It turns out, that bonus wasn’t enough to retain Edwards as he was named chief financial and operating officer at Macy’s Inc. in April.
Capri said the bonus was to “recognize the substantial efforts and time that Mr. Edwards devoted to the previously terminated merger with Tapestry Inc., and to ensure Mr. Edwards’ continued employment and dedication to the company.”
Since he left early, Edwards received only $800,000 of the award.
And Cedric Willmotte, former CEO of the Michael Kors brand, logged pay of $5 million, including $2.5 million in stock awards, a $1.5 million bonus under his “separation and release agreement” and a $1 million salary.
After Willmotte left, Idol stepped back in to lead the turnaround of the Michael Kors brand directly.
Michael Kors is the biggest part of Capri, which also owns Jimmy Choo and is in the process of selling Versace to Parada for $1.4 billion.