- The Washington Times - Friday, April 10, 2009

NEW YORK (AP) - Wesley R. Card, president and chief executive of clothing retailer Jones Apparel Group Inc., received compensation valued at $5.4 million in fiscal 2008, up almost 68 percent from a year earlier, according to a regulatory filing on Friday.

A year ago, Card, who has served as CEO since 2007, received compensation totaling $3.2 million.

The New York-based company, known for brands including Jones New York, Nine West, and Easy Spirit, paid Card a base salary of about $1.6 million, up 20 percent from last year. Card voluntarily elected not to accept an $810,000 cash incentive award, which was based on corporate performance, because of current business conditions and the impact it would have on the company’s associates.

Jones, like many of its retailer rivals, has suffered as consumers are scaling back on their spending in a tough economy.

Card also received restricted stock awards valued at roughly $3.6 million on the day they were granted.

Additionally, Jones paid Card $208,566 in all other compensation, which included an apartment in New York and a car allowance and services.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.

In February, Jones Apparel Group said it posted a bigger fourth-quarter loss because of hefty charges, higher promotions and a weak holiday season. At that time, the company said it would eliminate 185 positions, or 4 percent of its wholesale and corporate full-time work force.

Shares closed Dec.31 at $5.86, down 63 percent for 2008. The stock has since recovered and is up 9 percent so far this year.

The company will hold its annual meeting on May 20 in New York.

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