Arkansas Business

An increase in the value of Dillard's Inc. stock propelled three members of the Little Rock retailing family into the top 10 of highest-paid executives at Arkansas public companies.

(Click here for a PDF list of public companies' executive compensation. A spreadsheet version is also available.)

(Click here for a PDF list of public companies ranked by net income and here for a PDF of the top public financial institutions.)

As usual, the CEO of Wal-Mart Stores Inc. led the annual list, which is based on total compensation during the most recently completed fiscal year. Michael Duke earned $18.3 million in total compensation in 2011. Coming in at Nos. 2 and 3, however, were Dillard's President Alex Dillard with $16.4 million and his CEO brother, William Dillard II, with $15.1 million.

Alex Dillard had ranked No. 14 on Arkansas Business' list last year, which recorded 2010 compensation, with $4.8 million in pay. William Dillard was No. 15 last year with $4 million.

At No. 8 was Drue Matheny, a Dillard's executive vice president and sister of Alex and William. Her pay package in 2011 almost quadrupled in value compared with 2010, rising from $2.6 million to $9.5 million. Matheny had languished at No. 27 on last year's list.

Four other members of the Dillard family - Mike Dillard, William Dillard III, Denise Mahaffy and Alexandra Dillard - and a longtime Dillard's executive - CFO James Freeman - are also on the list of 89 executives whose salaries are revealed in annual proxy statements. Alexandra Dillard, daughter of Alex, is a name new to the list. The divisional merchandise manager earned $152,568 in 2011, placing her at No. 88.

Eight of the 17 public companies based in Arkansas reported an increase in net income. Here, too, Dillard's shone, with its income rising to $463.9 million compared with $179.6 million a year earlier.

Forty-four of the executives earned at least $1 million, compared with 43 in 2010. Six executives were in eight-figure territory on this year's list, which uses compensation data for 2011; that number was only three last year, based on 2010 data.

Arkansas Business' annual list of public companies' executive compensation is compiled using information found in the annual proxy statements of Arkansas' publicly traded companies filed with the federal Securities & Exchange Commission.

Jeff Fox, the Little Rock resident who serves as CEO of Convergys Corp. of Cincinnati, also is ranked (at No. 21) for good measure.

Total compensation is calculated using all compensation reported in the proxies, plus the actual value realized from the exercise of stock options during the year.
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