Kathmandu increases CEO incentive targets 19 Nov 2015
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Kathmandu increases CEO incentive targets, citing company's weak performance
By Sophie Boot
Nov.
19 (BusinessDesk) - Kathmandu Holdings' board increased the
compound annual earnings-per-share growth target for its
chief executive's incentive scheme to a minumum of 17.5
percent at its annual meeting today, following unhappiness
from shareholders about the scheme's initial, more generous
settings.
The board released its initial proposed
targets for new chief executive Xavier Simonet in
mid-October, with his bonus to be dependent on both total
shareholder return and earnings-per-share growth.
The
total bonus available is $606,667 (A$546,000), 70 percent of
Simonet's salary, with earnings-per-share growth the basis
for 50 percent of this. The board's initial proposal was
that if the company had a compound annual growth rate of 15
percent over a three-year period, Simonet would get 100
percent of the EPS-dependent bonus - just over $300,000. If
growth was 10 percent, Simonet would get 50 percent of the
EPS bonus; less than 10 percent, and he would get none.
On Monday, the board said it would exercise
discretion and set the EPS growth target higher, "as FY2015
is an unusually low measurement base because of the
under-performance of the company." This came after
opposition from some shareholders that the targets were too
low, given they would be measured against last year's low
profit.
Now, Simonet's EPS bonus will not kick in unless the company sees earnings-per-share growth of at least 17.5 percent, at which point Simonet would get 50 percent. In order to get 100 percent of that bonus, the company's earnings-per-share growth would need to reach 22.5 percent.
Kathmandu, the outdoor clothing and equipment
chain, posted a 2015 profit of $20.4 million, down from
$42.2 million in 2014, and $44.2 million in 2013. It has
forecast 2016 profit of $30.2 million.
The company's
shares dropped 0.6 percent to $1.57 and have shed 27 percent
so far this
year.
(BusinessDesk)
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