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Dillard’s Board Grants Special Dividend for ShareholdersLock Icon

2 min read

It’s going to be a good start to 2024 for members of the Dillard family. Last month, Dillard’s Inc. announced that the retailer’s board declared a special dividend of $20 per share on the Class A and Class B common stock of the company.

The dividend will be paid on Jan. 8 to shareholders of record as of Dec. 15.

That will mean a big payday for the family members who own shares of the department store chain. Here’s how many direct shares family members hold, according to the latest U.S. Securities & Exchange filings, and how much they will receive:

► Dillard’s CEO William Dillard II, 934,947; $18.7 million.

► President Alex Dillard, 1,017,301; $20.3 million.

► Executive Vice President Mike Dillard, 535,148; $10.7 million.

► Executive Vice President Drue Matheny, 450,556; $9 million.

► Denise Mahaffy, senior vice president, 162,463; $3.2 million. They are all siblings.

► William Dillard III, senior vice president, 49,716; $994,320. He is the son of the CEO.

► And Alex Dillard’s daughters, Alexandra Lucie and Annemarie Jazic, who are each a vice president, will also receive dividend payments. Lucie owns 41,597 shares and will receive $831,940. Jazic owns 44,058 shares and will receive $881,160.

In a joint statement last month, William Dillard II and Alex Dillard thanked the board for its “decision to grant this $20 special dividend rewarding all shareholders for their confidence in Dillard’s.”

Six members of the Dillard family sit on the 15-member board. And the Dillard family controls the board because of the family’s ownership of nearly all of the Class B shares, which allows them to elect 10 of the 15 members.

Those family shares are held by W.D. Co., which has 3.985 million shares. W.D. Co. will receive $79.7 million from the special dividend.

“Our associates have, again, worked hard to put us in a great position to be able to do this. As many of them are shareholders themselves, today is a great day for Dillard’s,” the statement from the Dillard brothers said.

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