William McComb, who recently announced his retirement as ceo of Kate Spade & Co. Inc. (New York) – the former Fifth & Pacific Cos. Inc. – will receive $6.5 million for his efforts, according to a regulatory filing.
Craig Leavitt, the incoming ceo, will be paid $1.5 million. And Deborah Lloyd, the new chief creative officer, will be paid $1.9 million. Beyond the salaries, both will receive $9 million in market share units, which the company describes in the filing as a “staking grant.”
In addition, Leavitt will receive $5 million (as part of a long-term incentive award) and Lloyd will receive $3.275 million. The two will also receive a “prorated portion” of $4.5 million, once the sale of Lucky Brand Jeans closes.
McComb’s compensation represents two times his base salary and bonus, plus insurance and health coverage for two years.