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Caleres CEO earns $8 million in money-losing year

Caleres CEO earns $8 million in money-losing year

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Caleres posted a $5.4 million loss last year, but Chief Executive Diane Sullivan saw her pay rise 17 percent to $8.3 million.

Diane M. Sullivan - President &

Diane M. Sullivan, President, CEO and chairman of Caleres. 

Sullivan earned a salary of $1.15 million and bonus of $1.18 million, which was 68 percent of the target amount. Details of her compensation were reported in a proxy statement filed Thursday.

The biggest part of the CEO's pay package was stock valued at $5.7 million. Half of that is in performance shares that depend on Caleres' earnings and sales growth between 2018 and 2020. A similar award from 2016 paid out at 43 percent of its target value.

Sullivan's pay also included a $182,537 increase in pension value and a few perquisites: $25,000 for financial and tax planning, $43,968 for personal flights on company planes and $10,000 of complimentary products and matching charitable gifts.

Sullivan earned 381 times as much as a median Caleres employee. The company says its 12,055 employees, 40 percent of whom are part-time, earned median pay of $21,839.

The Clayton-based shoe company reported last month that it lost $5.4 million in fiscal 2018, which ended Feb. 2. Much of that represented a write-down of its Allen Edmonds division and costs related to acquisitions. The company said "adjusted" earnings per share were up 2.3 percent.

Caleres' share price rose 3 percent during the fiscal year.

Sullivan's golden parachute -- the amount she can collect if she leaves Caleres after a takeover -- is valued at $25.6 million. That includes $10.4 million in cash severance and bonus, $14.1 million of accelerated stock and long-term awards plus $1 million of extra retirement benefits.

Here's what other St. Louis CEOs earn:


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