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Dillard’s Top Three Take Pay Cuts in 2015

Soft sales in juniors’ and children’s apparel and shoes made for a difficult fourth quarter for Dillard’s as profits plunged to $84 million, or $2.31 per share, compared to $130.5 million in the year-ago period. A string of similar performances resulted in the retailer’s top executives taking a pay cut in 2015.

A regulatory filing Monday revealed that CEO William Dillard’s total compensation for the year fell to $3.3 million, down from the $3.9 million he received in 2014. Included in that figure was $207,296 in stock awards and $1.78 million in non-equity incentive pay, as well as $284,560 for airplane use, insurance premiums and administrative assistance. His base salary was unchanged at $1 million.

President Alex Dillard also took home less last year. In addition to his million-dollar salary, he received $107,595 in stock awards, $799,800 in non-equity and $114,818 in other compensation for a total of $3.26 million. In 2014, he was paid $3.9 million.

Mike Dillard, executive vice president, received a boost in base salary for the third year in a row, but his overall compensation fell. His annual pay increased from $710,000 to $735,000 in 2015, while his total compensation of $1.78 million included $107,595 in stock awards and $113,818 in other contributions. However, his non-equity pay was slashed from six figures to $799,800.

Similarly, Macy’s top brass were also paid less last year, after missing the mark on sales, earnings and cash flow in 2015. CEO Terry Lundgren, for instance, received nearly a third less than he did in 2014, down from $16.5 million to nearly $11.7 million.