In 2017, Dillard family members who work at Dillard's Inc. of Little Rock saw their total compensation packages rise.
Together, the nine Dillard family members had a total compensation of $16.9 million in 2017, according to the annual proxy statement released Friday. For the previous year, the total compensation package was worth $14.6 million. Most of the increase was tied to a rise in the value of the top executives' pension fund.
The proxy announced the date and time for the department store chain's annual shareholder's meeting: 9 a.m. on May 19 at the corporate headquarters, 1600 Cantrell Road in Little Rock.
None of the six named executive officers — CEO William Dillard II, President Alex Dillard, Executive Vice Presidents Mike Dillard and Drue Matheny and Senior Vice Presidents Chris B. Johnson and Phillip R. Watts — exercised stock options in 2017.
William Dillard II and his brother Alex Dillard kept the same base salary of $1 million in 2017. Their brother and sister, Mike Dillard and Drue Matheny, also kept their same base salaries of $735,000 in 2017.
Some compensation highlights:
- William Dillard II's total compensation increased to $4.8 million in 2017, up from $4 million in 2016. The rise was tied to a $1.06 million increase in his pension value to $2.5 million in 2017. The value of his stock award, though, decreased 24 percent to $126,366 in 2017. His bonus fell from $1.1 million in 2016 to $928,900 in 2017.
- Alex Dillard's total compensation climbed to $4.2 million from $3.6 million in 2016. Like his older brother's, his pension value increased. It was $2 million in 2017, up from $1.1 million in 2016.
- Mike Dillard's total compensation also rose from 2016. His moved to $2.3 million from $1.96 million the previous year. His stock awards in 2017 were worth $73,353, which was down from $91,188 the previous year. His bonus also declined 17 percent to $416,400 in 2017. His pension value rose to $957,639 in 2017, up from $503,478 in 2016.
- Matheny's total compensation was $2.5 million in 2017, up from $2.1 million in 2016. Her bonus and stock awards were the same as Mike Dillard's. The value of her pension increased to $1.2 million in 2017, up from $676,794 the previous year.
- Johnson, a non-family member among the named executive officers, earned a base salary of $500,000, the same as he did in 2016, and a bonus of $128,100, a decline from the previous year of $154,600. In 2017, his total compensation was $969,376, a slight from the $968,201 he had in 2016.
- Watts, who also isn't a family member, also had a base salary and bonus identical to that of Johnson. Watts' total compensation, though, was the only Dillard's named executive who saw the value of his total compensation dip in 2017. It was $1.3 million, down from $1.4 million the previous year. The value of his pension was $605,557, down 2.1 percent from the previous year.
The proxy also lists the compensation packages of five other members of the Dillard family:
- Denise Mahaffy, sister of William, Alex and Mike Dillard and Drue Matheny, was paid a salary and bonus of $766,000 in 2017, down from $846,000 in 2016. Mahaffy, a senior vice president, also received benefits worth $132,512 in 2017. She was also awarded a bonus of $128,100, which was paid on Friday.
- William Dillard III, son of the CEO, was paid $756,000 in salary and bonus as a senior vice president, plus another $131,406 in benefits. He also was awarded a bonus of $128,100, which was paid on Friday.
- Alexandra Lucie, daughter of Alex Dillard, was paid $372,000 in salary and bonus as a vice president of Dillard's. She also received $66,040 in benefits in 2017.
- Annemarie Jazic, another daughter of Alex Dillard, received a salary and bonus $367,000 as a vice president. The benefits she received in 2017 were worth $57,205.
- Michelle Dillard, another daughter of Alex Dillard, was paid a salary and bonus of $212,000 for being a manager of the company. Her benefits were worth $19,806.
