Dillard family members who work at Dillard’s Inc. (NYSE: DDS) of Little Rock saw their total compensation packages plummet in the most recent fiscal year.
Together, the nine Dillard family members had a total compensation of $19.67 million in the fiscal year that ended Feb. 1, according to the annual proxy statement filed Friday. For the same period last year, the family’s total compensation totaled $41.5 million, and for the company’s 2022 fiscal year, the total compensation package was worth $70.2 million.
The value added to top executives’ pension funds in 2024 wasn’t as high as it was the previous year, which accounted for the decrease in total compensation.
Dillard’s reported rising operating expenses, slightly lower sales and tighter margins in fiscal 2024. The department store chain posted a profit of $593.5 million, down 19.7% from $738.8 million the previous year. Revenue for the fiscal year was $6.59 billion, down 4.2% from $6.87 billion in fiscal 2023.
The proxy announced the company’s annual shareholder’s meeting will be held at 9 a.m. on May 17 at the corporate headquarters at 1600 Cantrell Road.
During the meeting, Dillard’s will ask shareholders to reappoint KPMG LLP as the company’s public accounting firm for fiscal 2025. KPMG received $1.718 million in total fees in fiscal 2024, down slightly from $1.733 million a year earlier.
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 2024.
William Dillard II and his brother Alex Dillard’s base salaries were $1.17 million in 2024, the same amount from the previous year. Their brother and sister, Mike Dillard and Matheny, base salaries also remained the same in 2024 at $830,000.
Some compensation highlights as compared with the previous year:
- William Dillard II’s total compensation fell 61% to $4.86 million. He received a $3.1 million bonus in 2024. His pension fund showed no increase, when the previous year it was an increase of $6.9 million. The median Dillard’s full-time store employee was $36,877, making the ratio of Dillard II’s annual total compensation to the median annual total compensation of all other employees 132-to-1.
- Alex Dillard’s total compensation dropped to $4.89 million, down from $13.5 million. He received a $3.1 million bonus. His pension fund showed no gain, compared with a gain of $8 million the previous year.
- Mike Dillard’s total compensation slid to $3.26 million, down from $4.8 million the previous year. His bonus was $1.1 million. And his stock awards were worth $131,388. His pension fund shows a gain of $1.1 million, compared with a gain of $2.2 million the previous year.
- Matheny’s total compensation was $3.3 million, a decline from $4.6 million the previous year. Her stock awards were the same as Mike Dillard’s. The value of her pension fund increased $1.1 million when the previous year it had a gain of $2.1 million.
- Johnson, a non-family member among the named executive officers, earned a base salary of $680,00 in 2024, an increase from $665,000 in 2023. His total compensation slipped to $2.1 million from $2.4 million the previous year. The value of his pension fund was $519,280 when the previous year the increase was $712,793.
- Watts, who also isn’t a family member, had a base salary identical to that of Johnson. Watts’ total compensation slipped to $3.2 million from $3.7 million in 2023. His pension value increased $1.6 million.
The proxy also listed the compensation packages of five other members of the Dillard family:
- Denise Mahaffy, is a senior vice president of the retailer and a director. She is a sibling of William Dillard II, Alex Dillard, Mike Dillard and Drue Matheny. She received a $720,673 salary and a total compensation of $945,132. She received a bonus of $656,700 that was paid on April 3.
- William Dillard III, is a senior vice president of the company and a director. He is the son of the CEO, and was paid a salary of $782,500 and received another $229,897 in benefits. He also was awarded a bonus of $656,700 that was paid on April 3.
- Alexandra Lucie, a daughter of Alex Dillard, was paid $930,673 in salary and bonus in 2024 as a vice president of Dillard’s. She also received $155,489 in benefits.
- Annemarie Jazic, another daughter of Alex Dillard, received a salary and bonus of $910,673 as a vice president. The benefits she received in 2024 were worth $153,408.
- Michelle Hobbs, another daughter of Alex Dillard, was paid a salary and bonus of $512,404 for being a director of exclusive brand shoes for the company. Her benefits were worth $50,558.
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