Yahoo Finance Kohl’s ‘Turnaround’ CEO Gets $9M Pay Package for 2023
Kohl’s Corp. chief executive officer Tom Kingsbury, who has been leading turnaround efforts at the family, value-oriented department store chain, received a base salary of $1.5 million as part of his compensation package last year.
The CEO’s total compensation package for 2023 tallied $9 million, including incentive pay of $2.2 million and $4.7 million in stock awards, the true payout of which will depend on how Kohl’s stock performs. He was also given $160,000 for expenses associated with his relocation.
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Kingsbury had a bonus opportunity under Kohl’s annual incentive plan with a target of 175 percent of his base salary and he also has a future long-term incentive award target of at least $8.5 million.
Kingsbury’s compensation is listed in the retailer’s notice of its upcoming shareholder meeting May 14 and proxy statement. He entered into his employment agreement in May 2023. The agreement provides for a two-year initial term and addresses the terms of any separation that might occur during such term for various reasons, including a CEO transition.
Kingsbury has been Kohl’s CEO since February 2023. Just prior to that, he was interim CEO from December 2022. Earlier in his career he served as president and CEO of Burlington, where he successfully elevated the off-pricer’s image and performance.
Upon taking the reins at Kohl’s, Kingsbury’s stated priorities included enhancing the customer experience, accelerating and simplifying its value strategies, managing inventory and expenses with discipline, and strengthening the balance sheet.
Kohl’s also listed the compensation package of chief merchandising and digital officer Nick Jones, who joined the retailer on March 20, 2023. The package includes an annual base salary of $900,000, and an annual bonus opportunity under the automatic investment plan with a target of 140 percent of his base salary. He also received a signing incentive of $750,000, and an annual long-term incentive award target of $2 million.
Kohl’s bonuses are based on achieving goals in merchandise sales and operating income.
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