Gap CEO Paul Pressler was paid nearly US$20m in salary and stock awards in 2005 - but received no bonus as the company failed to meet financial targets.


Pressler has been in charge at apparel giant Gap since 2002. But in 2005 he failed to receive a bonus for the first time, taking home an annual salary of $1.5m.


However, the company also awarded him stock options of $15.2m and paid him $2.57m in another stock deal which saw previous stock options paid off and reissued at market prices.


The company's profits fell by more than 3% in the last fiscal year amid falling sales and reports that Gap was failing to respond quickly enough to changing consumer trends. Shares fell 16% and several executives left the company.


In fiscal 2004, Pressler was paid $7.9m in salary, bonus and stock options.