Steve Rendle, chairman, president and chief executive officer at VF Corp., logged compensation of $15.4 million last year for steering the parent of Supreme, Vans, The North Face and more though a fashion landscape complicated by inflation, war and pandemic.
His total compensation package represented a 2.3 percent decline from the prior year.
As is typical for top CEOs, Rendle’s take was made up mostly of stock and option awards, which together were valued at $10.3 million. The final payout of that compensation will depend on hitting certain performance targets and VF’s stock price, tying the CEO’s pay to the fortunes of shareholders.
The CEO also received a salary of $1.4 million, incentive pay of $3.2 million and other compensation valued at $519,383, including $265,080 covering personal use of company aircraft.
In fashion, the pay and perks are good — OK, great — at the top, but the pressures are also intense.
Rendle is managing a mutlibrand portfolio with inflation at 40-year highs and the supply chain backups.
The supply issues complicated life at Supreme last year while Vans is looking to re-sync with consumers. But Rendle recently told WWD that the other brands are gaining momentum.
“The North Face has inflected, it’s growing double digits,” the CEO said. “Timberland is inflecting. Dickies is approaching a billion [dollars in sales], having significantly increased.”
Rendle said: “We can navigate some ups and downs. The apparel and footwear business has ebbs and flows. We’ve thoughtfully positioned this portfolio in the outdoor, active and workspaces.”
While he ranks as one of the highest-paid executives of fashion and retail, Rendle isn’t going to top the list.
The CEO to beat — on the pay front and online — is Amazon’s Andrew Jassy, who received a compensation package valued at $212.7 million last year, with 99.5 percent of that coming from stock awards.
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