There is also an article over at the StyleList (click here) that shares the same news:Jenna Lyons Promoted at J.Crew
By Ashley Baker
April 16, 2010
Jenna Lyons is doing something very, very right. J.Crew Group Inc. has just announced that Lyons, formerly creative director, has been promoted to executive creative director for J.Crew, and she will receive a $325,000 bonus. This comes six months after Lyons received a $1 million bonus, which was awarded on the condition that she must pay it back in full should she leave J.Crew within 2 years or pay back in half should she exit the brand in 4 years.
Chairman and chief executive officer Millard "Mickey" Drexler will also benefit from a cash payout of $2 million, part of the a series of bonuses paid out by the company's compensation committee to reflect J.Crew's strong performance. Other beneficiaries include Tracy Gardner, president of the retail and direct businesses, who will receive $425,000, chief administrative and financial officer James Scully, who will get $250,000 and executive vice president of factory Libby Wadle, who will receive $200,000. In 2009's extremely challenging climate, J.Crew’s total income more than doubled, with a revenue increase of $1.58 billion.
J.Crew is definitely doing something right! They have been outperforming competition for the past several years. More importantly, they have been outperforming market analysts expectations in terms of performance. As a stock holder, I am very pleased.J.Crew Bestows Big Bonuses on Jenna Lyons, Mickey Drexler
By Lisa Marsh
April 16 2010
A promotion and a bonus. Jenna Lyons, J.Crew's creative director, has been promoted to executive creative director and was awarded a $325,000 bonus in recognition of both individual and company performance in fiscal 2009. This comes on top of her "one-time" $1 million bonus that she received in October 2009. It's good to be queen!
In addition, other J.Crew executives also pulled down some nice change, too. Tracy Gardner, president, was awarded $425k, chief financial officer James Scully was awarded $250k, executive vice-president Libby Wadle was awarded $200k, and the big kahuna Millard "Mickey" Drexler, the company's CEO and chairman, was awarded a whopping $2 million.
An SEC filing said the company had suspended its cash incentive plan at the beginning of its fiscal year, "in light of the then challenging economic conditions," but reinstated the program after the company outperformed its financial goals for the year.
It seems steering the company into partnerships with Fenton/Fallon, Net-a-Porter, Miriam Haskell for bridal among others were not bad moves for Lyons. Plus, it doesn't hurt that the company is a favorite fashion resource for the First Family.
I definitely believe these executives deserve a bonus & promotion. Not only are they performing well, J.Crew wants to make sure they can retain them, their top talent. (I believe I read somewhere that some of J.Crew's creative team had been lured away by other companies, like the Loft.)
Although, casual-crew (in this post) raised an interesting point: "...Executives get bonuses while their staff had to take cuts to their pension..." The second article mentions: "An SEC filing said the company had suspended its cash incentive plan at the beginning of its fiscal year, "in light of the then challenging economic conditions," but reinstated the program after the company outperformed its financial goals for the year." Here's to hoping J.Crew is taking care of all their other {talented} employees as well.
What are your thoughts on this latest news? Do you agree or disagree with the decision to promote Jenna Lyons? Are the bonuses an appropriate or inappropriate decision? :)
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