The compensation of Tiffany & Co (TIF) Chairman and CEO Michael J. Kowalski increased more than two-thirds in the last year. Not only that, the value of his retirement also rose and he achieved a cash incentive award of $2 million.

The jewelry company, which is known for its iconic blue boxes, saw a remarkable increase in sales last year as people demanded more of their luxury goods for the holiday season. Despite revenue being down last year, the firm’s profits increased. In fact, its profit in the fourth quarter grew more than four times, a fact that exceeded the company’s expectations.

From $4.7 million in the previous year, Kowalski’s salary increased up to $7.9 million, even though demand dramatically dropped in 2008, which caused fears of the end of luxury spending.

After not receiving an award in 2008, Kowalski earned a $2 million cash incentive award in 2009. While his base salary lessened just slightly (3.9%), his stock awards went up by 16% and became $1.6 million.

Additionally, the value of his retirement compensation and pension multiplied threefold.

Tiffany & Co. has been around for several decades, providing jewelry and silverware to different countries all over the world. The company started selling stationary items and is now one of the most recognized luxury item companies in the world.

Post Author: guest

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