Belk Inc. CEO Tim Belk’s compensation dropped 4%, to $3.96 milion, for the fiscal year that ended January 31,
the
Triad Business Journal
reported.
“This is the second year in a row his total compensation has dipped as the Charlotte-based retailer failed to meet performance goals,” the article said, citing a report the company filed with the Securities and Exchange Commission. The article noted that in fiscal 2014, he neared nearly $4.13 million, which was a drop of 39% from his total compensation in fiscal 2013.
The company’s net income fell 7.8%, to $146.1 million, during the latest fiscal year from $158.5 million in fiscal 2014. Net sales for fiscal 2015 were $4.11 billion, up 1.8% from the previous year’s figure — less than the performance goal of $4.15 billion, the article said.
Belk has confirmed that it has hired Goldman Sachs Group Inc. to evaluate its options for the future, including a potential sale of the company. “The retailer issues a statement saying it has an obligation to consider whether there are alternatives to its long-term strategic plans that would provide a better return for stockholders,” the journal article said.
John Belk, president, chief operating officer and a director, earned nearly $2.4 million for fiscal 2015, the journal article said. (Source:
Triad Business Journal
, April 24, 2015.)
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