Limited Brands’ CEO pay package nearly doubles
New York City -- Lexlie Wexner, 73, the CEO and founder of Limited Brands, received a 2010 pay package nearly double the year before, according to an analysis by The Associated Press. The increase came as business improved for the parent of Victoria's Secret and Bath and Body Works.
Wexner's total compensation totaled $20.1 million, up from $10.4 million in 2009, because of a hefty increase in stock and option awards and a higher performance-based bonus.
Wexner, who has been CEO of the company since he founded it in 1963, received a base salary of $1.9 million, even with last year. He received a performance-based bonus of $6.3 million, up 29% from 2009, the Associated Press reported.
The bulk of his award came in the form of stock and option awards worth $11.6 million on the date they were granted, according to a filing with the Securities and Exchange Commission on Monday. That's nearly five times what he received in stock and option awards in 2009.
The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.