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THE NITTY GRITTY: New details came to light regarding Roger Farah’s new contract with Ralph Lauren Corp. Farah, 60, who was named executive vice chairman on Wednesday, is only required to devote 50 percent of his working time and efforts to the business and affairs of the company. According to a Securities and Exchange Commission filing, his agreement, which commences Nov. 1, will continue until either Farah or the company provides the other party with 30 days advance written notice of his or its intent to terminate employment. The employment agreement has no end date.
Farah will be entitled to an annual base salary of not less than $450,000, and will participate in the annual incentive plan for executive officers. Beginning with fiscal 2015, his annual bonus may range from $1.5 million to a maximum of $4.5 million, with a target of $3 million. During fiscal 2014, Farah’s bonus opportunity will be 79.167 percent of bonus amounts previously approved by the compensation committee.
He will also receive an annual payment of $125,000 in the form of deferred compensation. Beginning in fiscal year 2015, Farah will also be granted an annual equity award grant with a value of $4 million.
Jackwyn Nemerov, 62, the new president and chief operating officer, has an employment agreement which continues until April 1, 2017, subject to automatic one-year renewals, while Christopher Peters, 47, executive vice president, chief administrative officer and chief financial officer, has an employment agreement which continues until Nov. 1, 2016.