QVC Honcho Made $7.7 Million Last Year

It’s that time of the year, proxy time, when we tear out our hair wishing we had become big company honchos rather than ink-stained wretches. So wanna guess how much the QVC bigwig Mike George raked in last year?

According to a filing with the SEC on Monday, last year the QVC president and CEO received $7.7 million in executive compensation, a big increase over his $5.4 million in 2016. In 2017 he had a base salary of $1.25 million, $4.3 million in stock awards, $2 million in non-equity incentive plan comp and a piddling $171,000 in other comp, chump change.

http://ir.libertyinteractive.com/secfiling.cfm?filingID=1047469-18-2656&CIK=1355096#A2235222ZPRE14A_HTM_H48

Here’s a bit about his employment arrangement:

On September 27, 2015, the compensation committee approved a new compensation arrangement with Michael A. George, the President and Chief Executive Officer of QVC. The arrangement provides for a five year employment term beginning December 16, 2015 and ending December 31, 2020, with an annual base salary of $1.25 million and an annual target cash bonus equal to 100% of Mr. George’s annual base salary.

The arrangement also provides Mr. George with the opportunity to earn annual performance-based equity incentive awards during the employment term, as described in more detail below. In connection with the approval of his compensation arrangement, Mr. George was granted the 2015 Term Options with respect to shares of QRTEA, also as described in more detail below. Mr. George’s compensation arrangement was memorialized in the George Employment Agreement executed on December 16, 2015.

Following its acquisition of HSN, Liberty Interactive Corp. is being renamed Qurate Retail Inc. It will hold a conference call to discuss its first-quarter results May 10 at 11 a.m.

Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding Qurate.

The call will be broadcast live via the internet. All interested participants should visit the Qurate website at http://www.libertyinteractive.com/events to register for the webcast. Links to the press release and replays of the call will also be available on the Qurate website. The conference call will be archived on the website for one year after appropriate filings have been made with the SEC.

Advertisements

Tags: , , , ,

5 Responses to “QVC Honcho Made $7.7 Million Last Year”

  1. Lee Sands Says:

    He deserves it. He is a solid exec and very vendor friendly. There’s no one better.

  2. Nancy H Wagner Says:

    Wow!

  3. Carolyn Simpson Says:

    could this be one reason why qvc has raised his prices so dramatically. i have just about stopped buying clothing from them because of this. the quality has dropped as the prices have gone up.

  4. Steve Says:

    Lee, as a vendor I can see why you are kissing his ass. Why don’t you give some of your profits to the hundreds of employees ;lives he destroyed by shipping American jobs to Poland. How about the years he had to make QVC, Amazon like and now they are struggling in a dying format, acquiring HSN to only to prolong the last gasp of this retail dinosaur. He hasn’t innovated one thing. In fact he mismanaged the company so terribly that other internet sites are passing QVC by. Yet he speaks like an old carnival barker and has Liberty and analyst buying his BS. He makes millions while layoffs continue. Give it five to ten years the company will fold, he won’t care. It is a shame, because QVC could have been Amazon but George lacked guts and vision.

  5. Kim Says:

    I can’t speak to the business decisions that QVC makes. Time will tell if Steve’s predictions are valid but I’m guessing the company will alter its strategy before that. In the digital world, I think even the best prognosticators are a step behind what the fickle public demands at any given time. I am particular about what I buy from QVC — only if I think it’s a good deal and a good product. If customers stop buying bad product or things that become too expensive, QVC will have to alter its strategy. All of these channels depend on viewers getting into the hype, drinking the Kool-Aid. My husband periodically freaks out when I am watching the “carnival barkers” as he refers to all of the channels. I will say however that when a vendor is the flavor of the month, those shows are endless, Josie Maran, IT cosmetics, etc. And some days they will push a TSV hour upon hour until the last bitter moment before midnight. They totally lose me on those days. I will say that in my experience QVC has the best customer service hands down. Regardless of platform — telephone, facebook, chat — they are exceptional and have gone above and beyond for me. HSN chat is better than phone — I would give it a B and I would give an F to Evine. Horrible to deal with — arrogant, untrained, bad policies, inconsistent etc. I could go on ….

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: