When Art Peck took the reins as chief executive officer of Gap Inc. in February 2015, he was handed the responsibility of fixing slumping sales across its retail banners. That hoped-for growth never materialized, however; total company revenue dropped from $16.4 billion in 2014 to $15.8 billion last year, and Peck’s paycheck reflected it.

“In fiscal 2015 we did not meet the performance targets in our incentive compensation plans, so our CEO did not receive a bonus and our other executives received bonuses that were significantly below target,” read a proxy filed by Gap Inc. with the Securities and Exchange Commission Monday.

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