Levi Strauss CEO’s Compensation Falls
Levi Strauss & Co. Chief Executive and President Philip Marineau received no bonus or long-term compensation in 2003, reducing his total compensation by 95% from a year earlier.
The closely held company said Marineau’s 2003 compensation was $1.25 million, down from his total compensation of $25.1 million a year earlier.
According to a Securities and Exchange Commission filing, in 2002 Marineau received $22.54 million in long-term compensation, $1.16 million in salary, a $1.27-million bonus and $165,777 in other compensation.
The long-term compensation and bonus payments are tied to performance targets.
San Francisco-based Levi announced that sales fell 1% to $4.09 billion in 2003, along with a loss of $349 million.
From Dow Jones/Associated Press
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