Michael Kors Holdings Limited releases salary data. CEO received compensation of $Fiscal 2022 Decisi

Michael Kors Holdings Limited just filed its annual proxy statement, which details the salary information of its key executives. In 2022, the company's CEO made Fiscal 2022 Decisions.

The table is included below:


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Fiscal 2022 Decisions


Base Salary

CEO, CFO / COO and SVP, Global Operations continued to have

partial base salary reduction for Fiscal 2022

CEO base salary at 90% of Fiscal 2020 levels

CFO / COO and SVP, Global Operations received a 4.2% base salary merit increase as part of annual review cycle but still had base salary at 93.8% of Fiscal 2020 levels

Align with focus on managing costs

Begin to re-align leaders with pre-COVID-19 base salary levels as pandemic stabilized

Retain leaders in critical leadership roles

As part of the annual review cycle, SVP, General Counsel and Chief Sustainability Officer received a 10% base salary merit increase as compared to Fiscal 2020 levels for Fiscal 2022

Align target total cash compensation with similar positions in our executive compensation peer group

Retain leaders in critical leadership roles

Annual Cash Incentive Program

Reinstated full year annual cash incentive program with performance hurdles at threshold, target and maximum aligned with our Company’s operating budget

Payout based on executive’s base salary as of the last day of Fiscal 2022, which reflects a base salary below Fiscal 2020 levels for CEO, CFO / COO and SVP, Global Operations

Reflects improved ability to more accurately forecast for the full fiscal year and reduced pressure to lower operating costs in light of evidence of recovery trends within our business

Eliminated individual performance component

Performance based 50% on free cash flow, 30% on gross margin and 20% on SG&A for all NEOs

Align NEO annual cash incentive with Company financial performance

Uniformly encourage our executive officers to increase cash flow, drive profitability and manage expenses in uncertain macroeconomic environment

LTI Awards

June 2021 LTI awards (granted in Fiscal 2022 for performance in Fiscal 2021) were granted 100% in Restricted Share Units (RSUs), rather than 50% RSUs and 50% Performance-Based RSUs (PRSUs); RSUs vest over three years

Lack of visibility in June 2021 into future financial performance given unpredictability surrounding the pandemic making it difficult to set informed, multi-year performance targets

Drive retention and engagement through a period of heightened uncertainty

Consistent with our expectation that the change in pay mix would be a temporary action due to the COVID-19 pandemic, we reinstated our standard target equity mix for our June 2022 LTI awards (granted in Fiscal 2023 for performance in Fiscal 2022) comprised of 50% RSUs (vesting over three years) and 50% Performance-Based RSUs (PRSUs)

Instituted three-year (as opposed to two-year) performance period and expanded the maximum payout range from 150% of target under our prior PRSU program to 200% of target

Encourage executives to achieve multi-year, long-term performance goals

Recognize economic recovery trends and ability to more accurately forecast long-term goals

Establish a clear, rigorous performance standard while also appropriately rewarding executive's for exceptional performance

Motivate and retain executives

Share ownership further aligns the interest of our executives with our the interests of our shareholders

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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