The Fifth & Pacific Companies, which used to be known as Liz Claiborne and will now be known as Kate Spade & Company, announced several management changes last week. In a regulatory filing on Monday, the company provided details about compensation.
Craig Leavitt, the incoming chief executive, will be paid $1.5 million and Deborah Lloyd, the incoming chief creative officer, will be paid $1.9 million. Both Mr. Leavitt and Ms. Lloyd had those titles at Kate Spade L.L.C. Beyond the salary, the company is throwing in some sweeteners in the form of options. Both executives will receive $9 million in market share units, which the company describes in the filing as a “staking grant.â€
In addition, Mr. Leavitt will receive $5 million as part of a long-term incentive award and Ms. Lloyd will receive $3.275 million. The two will also receive a “prorated portion†of $4.5 million once the previously announced sale of Lucky Brand Jeans closes, though whether that amount would be split is not clear from the filing.
William L. McComb, who will step down as chief executive at the end of February, will receive $6.5 million. In the filing, the company said that represented two times his base salary and bonus, plus insurance and health coverage for two years. Fifth & Pacific’s board also approved continued vesting of 855,000 options at prices ranging from $4.97 to $21.20. On Monday, shares of Fifth & Pacific closed at $30.85, down 70 cents.
A spokeswoman for the company could not be reached for comment on Monday afternoon. Because neither Mr. Leavitt nor Ms. Lloyd were named executives, there is no publicly available information about their previous compensation.
Michelle Leder is the editor of footnoted.com, a Web site that takes a closer look at things that companies try to bury in their routine regulatory filings.
