Ralph Lauren is in it for the long haul!
The 72-year-old Lauren inked a new deal with the company he founded, which will keep him as the CEO for five more years.
Like any businessman nearing the end of his run, Lauren has chosen to be paid more in stock options than cash. He will be making 40 percent more, moving his salary to $1.75 million a year.
To get to the boring business deets, his cash bonuses have gone down to $9 million and $13.5 million. These numbers have been the same for the last three years. His top five officers have also received $9.9 million, $3 million, $880,000 and $880,000 bonuses as well.
Lauren’s pay raise last year came from his stock options which made $15.3 million, over the $8.6 million the previous year. While this money isn’t collected, because it stays in stocks, it’s still reported as part of his earnings.
So, basically, Ralph Lauren is still going to be very rich when his tenure at his company is over, but that won’t be for another few years, we still got Ralph for a while….
[Image via Michael Carpenter/ WENN.]
Tags: ceo, new business deal, ralph lauren, ralph lauren contract, ralph lauren salary