Liz Claiborne CEO gets $9.2M in 2006

Liz Claiborne CEO gets $9.2M in 2006

	Published : Fri, 30 Mar 2007 22:58 By : Agencies Print this Story

NEW YORK (AP) - Liz Claiborne Inc.'s Chief Executive William L. McComb received total compensation in 2006 that the company valued at nearly $9.2 million, according to the apparel retailer's proxy statement Friday.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.

McComb, 44, became chief executive only in November, replacing Paul R. Charron, 64, who retired.

McComb received a base salary of $177,500, a bonus of $400,000, and $29,918 in other compensation, which included the cost of a New York apartment leased for his use, commuting expenses and a clothing allowance. In addition, Liz Claiborne awarded him stock and options valued at about $8.6 million on the days they were granted, according to the company's filing with the Securities and Exchange Commission.

Meanwhile, Charron received a base salary of $1.5 million, and 'other' compensation of $428,739, which included housing, transportation, financial counseling and matching contributions to 401(k) and other plans. He also was awarded stock and options valued by the company at $3.9 million on the days they were granted, for total compensation of about $5.9 million.

In February, Liz Claiborne, which markets clothings under its namesake brand and other brands including Laundry by Shelly Segal, Dana Buchman, Mexx and others, said its profit fell 20 percent to $254.7 million, or $2.46 per share, from $317.4 million, or $2.94 per share, in 2005. Adjusted to exclude costs related to restructuring, yearly earnings totaled $2.99 per share.

Shares rose steadily from a low of $33.62 in July to end 2006 up 21 percent for the year, and recently hit a new 52-week high of $46.84. The stock ended Friday up 52 cents at $42.85 on the New York Stock Exchange.