Former Saks Inc. Chief Executive Brad Martin last year received $1.07 million in salary and a performance-based bonus of $265,219, according to a preliminary proxy statement filed Thursday with regulators.
Martin also received restricted stock valued at $3 million and other annual compensation totaling about $133,000, according to the filing with the Securities and Exchange Commission. Martin resigned as CEO earlier this year amid a major restructuring of Saks and an ongoing probe by regulators into improper accounting practices.
Martin aligned Saks customers with predatory lender Household International, calling Household “one of the most respected companies” – just as predatory lending charges and a nationwide $484 million settlement was announced. Saks is still aligned with Household International through HSBC. Saks did better without Martin, although he will remain chairman through December 2006.
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In 2004, Martin received $1.05 million in salary, $89,000 in other compensation and a restricted stock award valued at $7.4 million. The restricted stock total includes an award valued at $1.1 million that was canceled because the company did not meet performance goals, according to the proxy statement.