Within the wake of govt management turnover on the firm,
Kohl’s Corp. is upping its CFO’s compensation bundle.
Jill Timm, CFO of Kohl’s Corp.
Jill Timm, who has served as chief monetary officer since November 2019, just lately obtained a 5% improve in her base wage, from $900,000 to $950,000, and a one-time restricted inventory grant price $1.5 million, in keeping with an SEC submitting Tuesday.
The Menomonee Falls-based retailer stated the association goals to acknowledge Timm’s “ongoing contributions to the corporate” and is in “consideration for her continued employment with the corporate.”
Timm might want to stay at Kohl’s by April 21, 2024, with a purpose to obtain the inventory bonus of 64,767 shares. If she voluntarily leaves the corporate or is terminated for trigger between April 21, 2024, and Might 1, 2025, she is required to reimburse the corporate for the grant.
It isn’t the primary time over the previous 12 months that Kohl’s has elevated Timm’s compensation bundle as a handful of prime executives have departed. In August, the corporate elevated her base wage from $860,000 to $900,000 and her annual incentive goal was elevated to 130%. And in November, she obtained a money retention award, to be paid in two equal installments of $450,000 on January 1, 2024, and January 1, 2025, as long as Timm stays with the corporate by these dates.
Becoming a member of Kohl’s in 1999 as a senior monetary analyst, Timm, 49, has spent nearly all of her profession overseeing the corporate’s funds. Previous to the C-suite, Timm most just lately served as govt vice chairman of finance.
In 2022, Timm’s complete compensation was $2.5 million, together with a base wage of $878,333, inventory awards price $1.55 million and $91,255 in different compensation, in keeping with the corporate’s annual proxy assertion.
Kohl’s says its strategy to govt compensation is “immediately linked to efficiency, with the final word goal of accelerating long-term shareholder worth.”
Citing the impression of inflation on costs and client spending, Kohl’s reported a 7.1% lower in web gross sales and web lack of $19 million for fiscal 2022.
The previous 12 months has introduced a wave of govt management shifts at Kohl’s, together with most notably, the appointment of Tom Kingsbury as CEO following the departure of former president and CEO Michelle Gass. The corporate earlier this 12 months named Dave Alves as its new president and chief working officer, and Nick Jones as chief merchandising and digital officer – changing Doug Howe – and appointed Jennifer Kent as chief authorized officer and company secretary, changing Jason Kelroy. It additionally introduced chief folks officer Marc Chini will retire from his submit later this 12 months. As well as, Christie Raymond took over as chief advertising and marketing officer final 12 months, changing Greg Revelle.
