Nearly all of the Dillard family members who work at Dillard's Inc. of Little Rock saw their total compensation skyrocket in the most recent fiscal year.
Together, the nine Dillard family members had a total compensation of $20.98 million in the fiscal year that ended Feb. 1, according to the annual proxy statement filed Friday. For the previous year, the total compensation package was worth $11.68 million.
The rise in value was tied to an increase in the value added to top executives' pension funds.
The proxy announced the department store chain's annual shareholder's meeting will be held at 9 a.m. on May 16 at the corporate headquarters, 1600 Cantrell Road.
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 2019.
William Dillard II and his brother Alex Dillard received $35,000 bumps in their base salaries in 2019, to $1.07 million. Their brother and sister, Mike Dillard and Drue Matheny, also received raises of $15,000, bringing their base salaries to $765,000.
Some compensation highlights as compared with the previous year:
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William Dillard II's total compensation fell to $1.9 million from $3.2 million. His pension fund shows it didn’t gain any value compared with $1.02 million the previous year. The value of his stock awards rose slightly to $117,346 in 2019. His bonus fell from $904,800 to $582,400 in 2019.
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Alex Dillard's total compensation climbed to $7.8 million from $2.5 million the previous year. His pension fund value increased by $5.8 million compared with $224,742 in 2018.
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Mike Dillard's total compensation also rose to $4.2 million from $1.3 million. His stock awards were worth $69,226, up from $68,980 the previous year. His bonus, though, declined 36% to $261,100. His pension value increased $3.1 million; the previous year it increased just $16,885.
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Matheny's total compensation was $4.03 million, up from $1.5 million. Her bonus and stock awards were the same as Mike Dillard's. The value of her pension fund increased $2.8 million. In 2018, it increased $220,369.
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Johnson, a non-family member among the named executive officers, earned a base salary of $550,000, an increase of $25,000 from 2018. He also had a bonus of $80,300, a decline from $124,800 the previous year. In 2019, his total compensation was $1.25 million, an increase from $773,337 in 2018.
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Watts, who also isn't a family member, also had a base salary and bonus identical to that of Johnson. Watts saw the value of his total compensation rise in 2019. It was $1.6 million, up from $786,208 the previous year. The change in his pension value in 2019 was $873,568, up from $45,713 the previous year.
The proxy also lists the compensation packages of five other members of the Dillard family:
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Denise Mahaffy, sister of William, Alex and Mike Dillard and Drue Matheny, was paid a salary and bonus of $761,000 in 2019, up from $745,000. Mahaffy, a senior vice president, also received benefits worth $128,200 and will be paid an additional bonus of $80,300.
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William Dillard III, son of the CEO, was paid $759,000 in salary and bonus as a senior vice president, plus another $127,900 in benefits. He also was awarded a bonus of $80,300, which will be paid at a later date.
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Alexandra Lucie, a daughter of Alex Dillard, was paid $383,000 in salary and bonus as a vice president of Dillard's. She also received $86,900 in benefits in 2019.
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Annemarie Jazic, another daughter of Alex Dillard, received a salary and bonus of $381,000 as a vice president. The benefits she received in 2019 were worth $86,300.
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Michelle Dillard, another daughter of Alex Dillard, was paid a salary and bonus of $247,000 for being a director of exclusive brand shoes for the company. Her benefits were worth $23,300.
