USA: No Bonus For Gap Chief Amid Weaker Sales
Drexler, who collected a $3.3 million bonus in 2000, missed out on a similar windfall in 2001 and also saw his salary fall just under four per cent amid weaker sales and a net loss of $7.8m.
According to a filing with the Securities and Exchange Commission (SEC), Drexler's total salary fell to $2.1m last year from $2.2m in 2000 after he agreed to take a cut in his base salary of around 10 per cent.
However, he was given 850,000 stock options with a grant value of about $6.3m last year but missed out on a bonus which could have seen him collect up to 150 per cent of his base salary.
The SEC filing also revealed that Gap has set its capital expenditure for fiscal 2002 at $400m as it looks to boost store space by three per cent through new store openings and store renovations.
In fiscal 2001, Gap splashed out $1 billion on capital expenditure as it boosted store space by around 16 per cent.
Companies: Gap Inc
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