VF Corp. execs' compensation: $25m



Published:

The top five executives of VF Corp., the new owners of The Timberland Company, received $25 million in compensation in 2011, according to a proxy filed Wednesday with the Securities and Exchange Commission.The South Carolina-based retail giant bought the Stratham-based supplier of footwear and accessories in September 2011 for $2.3 billion, and the success of the acquisition was one of the reasons mentioned as justification for the executive compensation.What VF called its "outstanding performance" -- a 23 percent boost in revenue, to $9.5 billion -- was partly due to the Timberland merger, according to the proxy, though the acquisition was the main reason VF's audit fees went up from $4 million to $6.6 million.None of executives that ran, or run, Timberland were among the five highest paid executives. The compensation of Timberland's current president, Patrik Frisk, was not disclosed. But the man Frisk reports to -- Steven E. Rendle, group president, VF Outdoor & Action Sports Americas, received $2.4 million in compensation last year.VF's top three executives earned a total of $19 million, about $2 million more than they did in 2010. They are: CEO Eric Wiseman, $10.6 million; Karl Heinz Salzburger, vice president of VF International, $4.8 million; and chief financial officer Robert K. Shearer, $3.6 million.VF's 12 board members earned a total of $2.2 million.Since Timberland is no longer an independent public corporation, it does not have to disclose executive compensation in 2011.In 2010, CEO Jeffrey Swartz was the highest paid executive, with a compensation package of slightly more than $4 million. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags