Posts Tagged ‘executive compensation’

QVC Bigwig Mike George’s $19.7 Million Paycheck

April 30, 2016

From what we can tell, 2015 was a very, very good year for QVC President and CEO Mike George.

He received $19.7 million in executive compensation, up from a piddling $2 million in 2014 and $1.2 million in 2013, according to a filing the home-shopping empire’s owner, Liberty Interactive, made with federal regulators this week.

That’s a lot of greenbacks!

http://ir.libertyinteractive.com/secfiling.cfm?filingid=1104659-16-115464&CIK=1355096

George’s base salary last year was $1.1 million. Most of his sizable compensation came in the form of $17.5 million in option awards.

George made more money last year than his boss, Liberty President and CEO Greg Mafffei, whose executive comp was $14.8 million.

George also did a lot better than HSN CEO Mindy Grossman, whose executive comp was $4.9 million in 2015.

QVC Honcho Mike George Landed $2 Million Last Year

April 29, 2015

QVC Inc. President and CEO Mike George received $2 million in executive compensation last year, up from his $1.2 million in 2013, according to a filing with the Securities and Exchange Commission Tuesday.

QVC’s parent company Liberty Interactive Corp. disclosed the information in its proxy statement. George’s comp in 2014 included a $1.1 million base salary and $841,400 in incentives.

http://ir.libertyinteractive.com/secfiling.cfm?filingid=1047469-15-4049&CIK=1355096

While 2 million greenbacks is nothing to sniff at, it is way below George’s executive comp in 2012, when it was $18.2 million, but that apparently included stock options that kick in over the years.

HSN Chief Grossman’s Comp Last Year Was $4.9 Million

April 10, 2015

It’s the time of the year where public companies filed their proxy statements with the Securities and Exchange Commission, and we peons find out how much money America’s corporate elite made last year.

In the case of HSN CEO Mindy Grossman, it’s less than 2013, but nothing that we would sniff at. Grossman’s comp was $4.9 million in 2014, compared with $13.8 million in 2013.

Mindy Grossman

Mindy Grossman

http://www.hsni.com/secfiling.cfm?filingid=1434729-15-6&CIK=1434729

As the Tampa Bay Business Journal explained, the gap in Grossman’s comp is deceiving and really “a paper distinction,” since she received all stock awards in 2013 but they will vest over the coming years.

http://www.bizjournals.com/tampabay/news/2015/04/06/hsns-top-exec-sees-pay-package-shrink-in-2014.html

Last year Grossman’s salary was $1.2 million, with a $1.2 million incentive bonus and the rest stock options.

ShopHQ Execs Bozek, Nuce’s Outrageous Comp Packages

November 20, 2014

There’s a lot going on at ShopHQ, we mean Evine Live, according to filings with the Securities and Exchange Commission. And boy, are ShopHQ execs Mark Bozek and Russell Nuce making out like bandits.

You’d never know the home shopping network was struggling based on their executive comp — $1.13 million for Bozek and $567,000 for Nuce. And that doesn’t include their monthly allowances and moving expenses, etc.

First of all, veteran reality TV producer, and hit maker, Thom Beers is no longer on the No. 3 home shopping network’s board. This comes in the wake of Nuce being named Chief Strategy Officer at the company.

No wonder Russell Nuce and Mark Bozek are smiling

No wonder Russell Nuce and Mark Bozek are smiling

“As a result of the consummation of the transaction, the Company’s board of directors has determined that Mr. Beers will no longer serve as an independent director as that term is defined in Rule 5605(a)(2) of the NASDAQ Stock Market and at this time, will no longer be a member of the Company’s corporate governance and nominating committee,” the SEC filing said.

What is Nuce getting for coming on-board?

An initial base salary of $375,000 annually, a signing bonus of $75,000 and a one-time first-year bonus of $116,667, payable upon completion of the fiscal year ending Jan. 31 next year. Wow, sweet! We’re no math experts, but we think that adds up to about $567,000.

And how about this?

To help with Nuce’s relocation to the company’s headquarters in Eden Prairie, Minn., he will receive a living expense allowance of $4,000 a month for up to six months, plus a $10,000 family travel allowance for up to 12 months.

Bozek this week also entered into a generous executive employment and severance agreement, which provides for an initial base salary of $625,000 a year, a signing bonus of $125,000 and a one-time first-year bonus of $381,849, payable upon completion of the fiscal year ending Jan. 31.

To assist with Bozek’s relocation to the company’s headquarters, his employment agreement provides for a living expense allowance of $2,500 a week for up to six months, plus an additional amount to make Bozek whole for taxes on the living expense allowance.

His employment agreement also provides that he be reimbursed for up to $20,000 in reasonable and documented legal expenses and other costs associated with the negotiation of his employment arrangements, and for an award of performance restricted stock units under the Company’s 2011 Omnibus Incentive Plan with a fair value of about $1 million.

And how about this as a golden parachute?

If Bozek is canned without cause (other than as a result of death or disability) or he exits “with good reason,” he will receive severance benefits consisting of a cash severance payment equal to one and one-half times the sum of his base salary and his average annual bonus over the prior three fiscal years (or such fewer number of prior years for which he has been employed by the company).

The multiple will be increased to two times Bozek’s base salary and average annual bonus following a change in control.

Read it all for yourself here:

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=9909017&DSEQ=&SEQ=&SQDESC=

QVC Honcho Mike George Got $1.2 Million In Comp In 2013

June 24, 2014

QVC Inc. President and CEO Mike George received $1.2 million in executive compensation last year, way down from the prior year’s $18.2 million.

That was the dish from the proxy statement that QVC’s parent, Liberty Interactive Corp., filed Monday with the Securities and Exchange Commission.

http://ir.libertyinteractive.com/secfiling.cfm?filingid=1047469-14-5802&CIK=1355096

We’ve read the filing several times, and our thick head still can’t figure out exactly why George’s comp took such a hit. We’re not sure if it is related to stock options he has coming, or what.

We do know that the CEO of QVC’s parent, Greg Maffei, also had a significant drop in his executive compensation in 2013. It nosedived to $2.7 million from $45.3 million in 2012.

George’s base salary was just about flat this year, at just over $1 million. The biggest change in his comp was for option awards: He had none in 2013 but $16.1 million in 2012.

Of anyone can make sense of the filing, please enlighten us.

QVC Big Kahuna Michael George Received $18.2 Million Paycheck Last Year

April 20, 2013

QVC Inc. top honcho Michael George took a $10 million cut in his executive compensation last year, bringing home a measly $18.2 million.

George’s salary and other comp was outlined in a filing by QVC’s parent, Liberty Medis Interactive, in a proxy statement filed with the Securities and Exchange Commission on Friday. The numbers are listed on page 44.

QVC President Michael George

QVC President Michael George

http://ir.libertyinteractive.com/secfiling.cfm?filingid=1047469-13-4596

George’s base salary was $1,030,000, reflecting a 3 percent increase over 2011.

His non-equity incentive plan comp jumped up, to $875,500 from $700,000. And all other compensation soared to $223,977 from $52,583.

The big dive in George’s compensation was in his stock option awards, which dropped to $16,110,136 from $27,867,300. If you want the complicated answer for that, you’ll have to look at the proxy.

By the way, the head of QVC’s parent Liberty Interactive, Greg Maffei, took home $45.3 million in executive compensation. Not bad for a year’s work.

HSN CEO Mindy Grossman Made $5.6 Million Last Year

March 26, 2013

There’s nothing that delights a financial reporter more than seeing that a public company such as HSN has filed a proxy statement. That’s because these documents include executive compensation.

We usually read them and weep, regretting our decision to go into journalism instead of becoming a corporate bigwig like Mindy Grossman.

HSN CEO Mindy Grossman

HSN CEO Mindy Grossman

HSN’s CEO last year received total compensation of $5,628,679, actually a drop down from her 2011 comp of $6,179,244, according to a filing Monday with the Securities and Exchange Commission.

http://www.hsni.com/secfiling.cfm?filingid=1193125-13-123709

Grossman, 55, in 2012 received a base salary of $1.2 million, the same as the prior year. But her “non-equity incentive plan compensation” dropped to $1,140,000 from $1.8 million in 2011.

Grossman also received $288,667 in other compensation, which included $286,345 in relocation expenses.

Judy Schmeling, HSN’s chief financial officer, also took a small haircut on her pay.

Last year she received $1,601,332 in executive compensation, with a $650,000 base salary, up from $575,000 in 2011. Her non-equity incentive plan comp also declined, to $561,314 from $835,993.

Not too shabby, girlfriends.

ShopNBC’s CEO Made $362,000 Last Year In Compensation, Down From $1.5 Million In 2008

May 15, 2010

ShopNBC CEO Keith Stewart

ShopNBC’s proxy statement was filed last week, and it wasn’t exactly a great year in terms of the cash compensation shelled out to the network’s top dogs.

For example, it looks like Keith Stewart, the homeshopping channel’s CEO, took a substantial cash pay cut. He collected $361,539 last year, just about one-fourth of the $1,525,995 he made in 2008, according to Page 24 of the filing with Securities and Exchange Commission.

Stewart’s “targeted” cash comp in 2009 was a tidy $1,137,500. But the QVC alum didn’t get that, apparently because ShopNBC did not hit its goals.

“No annual cash incentives were paid with respect to fiscal 2009 since the minimum financial threshold for the 2009 annual incentive program was not attained,” the proxy said.

Frank Elsenbast, ShopNBC’s senior vice president and chief financial officer, received cash comp last year of $306,600 versus $328,742 the prior year.

Carol Steinberg, ShopNBC’s senior vice president of e-commerce, made $475,991 in cash comp.

Kris Kulesza, senior vice president of merchandising, collected $325,000, just about half of the cash comp of $601,312 he received in 2008.

And Nathan Fagre, senior vice president and general counsel, made $318,600, just a bit less than his $338,101 he received in 2008.

ShopNBC’s first-quarter conference call is Wednesday, so let’s see how the channel does.