John Idol, chairman and chief govt officer of Carpi Holdings Ltd., took a giant COVID-19 lower to his wage, which tallied simply $24,502 final 12 months.
That’s down from $1.4 million a 12 months earlier.
Idol voluntarily elected to forego his wage as soon as the pandemic hit and “in light of the significant impact COVID-19 had on our business,” the corporate stated in a regulatory submitting with the Securities and Exchange Commission late Tuesday.
That goes fairly a bit additional than many different executives went — however Idol nonetheless ranks as one of many highest-paid executives in trend.
Idol’s complete compensation fell 30.3 % to $8.2 million final 12 months, with $6 million of that coming within the type of inventory awards, the total worth of which depends upon future inventory costs and vesting schedules. He additionally obtained incentive pay of $2 million and different compensation of $143,918.
As CEO, Idol has needed to steer the corporate — proprietor of Versace, Jimmy Choo and Michael Kors — by means of an unprecedented storm.
“During the year, we reevaluated and refined Capri Holdings’ strategic direction to ensure the company emerges from the pandemic stronger and more profitable,” he instructed analysts final month. “For Versace and Jimmy Choo, we reaffirmed our long-term plans and are even more enthusiastic about the prospects of these luxury houses. For Michael Kors, we recalibrated our plans to further elevate the brand positioning and deliver higher profit margins, which we have already begun to achieve. With the strategic reset of our business, we believe Capri Holdings is well positioned to achieve our goal to grow to $7 billion in revenue.”
That’s projecting important progress forward.
Capri logged revenues of $4.1 billion for the 12 months ended March 27 and revenues of $5.6 billion within the 12 months simply earlier than the pandemic.
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