The salary and incentive compensation for Richard Noll, the top executive of Hanesbrands Inc., jumped considerably in 2010, the company reported Friday in a regulatory filing.
Noll, the chairman and chief executive, received a 25 percent raise in salary to $1 million after not getting a raise in 2009.
The company also paid him $4.84 million in nonequity incentive-plan compensation, compared with $280,440 in 2009.
However, $1.84 million of the amount for 2010 is part of a deferred three-year incentive program that Noll becomes eligible for at the end of 2011 and can collect in early 2012.
Of Hanesbrands' top six executives, only one other received a raise in salary in 2010. Each received more than $1 million in nonequity incentive-plan compensation, which also includes amounts that are deferred until the end of 2011.
Matt Hall, a spokesman for Hanesbrands, said that Noll's salary is set by the board of directors' compensation committee with the assistance of a consultant.
In the filing, the committee said it raised Noll's salary to make his compensation more consistent with the base salaries and cash compensation of chief executives of a benchmark group of companies.
Noll's total compensation package rose 71 percent to $9.85 million. The package included $3.67 million in unvested restricted stock awards from 2010 and prior years.
He received restricted stock valued at $3.67 million on the date that the award was granted and $280,209 in other compensation.
Listed among all other compensation for Noll is $195,070 in a supplemental executive-retirement plan, $25,698 paid for life-insurance premiums, $40,000 in an executive car allowance — 4 percent of his base salary — and $9,800 in contributions to the company 401(k) plan.
For fiscal year 2010, Hanesbrands reported an 11.2 percent increase in sales to $4.3 billion. Its profit was up 312 percent to $211.3 million.
Hanesbrands has projected sales for fiscal 2011 ranging between $4.85 billion and $5 billion and diluted earnings ranging from $2.60 to $2.80 a share.
Hall said that the salaries of the other executives are set by the committee with input from Noll.
The committee already has approved a $57,000 salary increase in 2011 for two executives — Gerald Evans Jr., president of its international unit, and William Nictakis, president of its domestic unit.
Nictakis and Evans each received $600,000 in salary and nonequity incentive-plan compensation of $1.68 million.
Hanesbrands set its annual shareholders meeting for 8:30 a.m. April 26 in New York.
rcraver@wsjournal.com
(336) 727-7376
Email
Facebook
Google
Twitter
Favorites
More
Advertisement