Dillard's executive salaries frozen in 2008, proxy shows

Arkansas Business, April 27, 2009

Dillard's Inc. executives had their salaries frozen in 2008 and received less in stock awards and no bonuses, according to the corporate proxy statement.

Dillard's will hold its annual stockholders meeting on May 16 at its corporate headquarters in Little Rock.

Other than re-electing the current slate of 12 board members--including four elected last year in an agreement made with activist investor groups--the only other proposal on the agenda of the meeting is an increase in the number of shares dedicated to the stock bonus plan currently available to about 230 of the company's most highly paid employees.

According to the document filed with the Securities & Exchange Commission, none of the named executives exercised any stock options during fiscal 2008, which ended on Jan. 31, 2009.

CEO William Dillard II had total compensation of $2.5 million, down from almost $2.8 million last year. President Alex Dillard, brother of William II, received total compensation of just under $1.35 million.

Total compensation for Mike Dillard, executive vice president and brother to William and Alex, was $917,365. EVP Drue Matheny, sister to the Dillards and formerly known as Drue Corbusier, received total compensation of $1.04 million.

James Freeman, chief financial officer, had total compensation of $904,079.

The proxy also disclosed the $400,000 salary of another Dillard sister, Vice President Denise Mahally William gillard III, son of William II and also a vice president, was paid a $350,000 salary.