CEO Pay Watch Joel Waller, Christopher & Banks
Christopher & Banks
Joel Waller, former president and CEO
Total compensation: $1,160,168 for the year ended Jan. 31, 2013
Salary: $419,231
Bonus: $150,000
Other compensation: $76,437
Value realized on vesting shares: $514,500
Total return to shareholders: 198.6 percent
Note: Waller, the former head of Wilsons the Leather Experts, joined Christopher & Banks in December 2011 as president. He became CEO on Feb. 17, 2012, when Larry Barenbaum resigned as CEO.
Waller served as interim CEO while the board searched for a new leader. On Nov. 26, 2012, the company named LuAnn Via as CEO and Waller remained as a consultant to the women's clothing retailer. When Waller moved up a chair, so did his salary. The company gave him a 25 percent increase in his base salary to $500,000 per year.
Barenbaum, a former board member, was named CEO in January 2011. As part of his compensation agreement he was awarded 1,350,000 stock options, 900,000 of those options were forfeited when he resigned and the remaining 450,000 shares expired on May 18, 2012, without being exercised. Barenbaum received $254,000 in severance payments.
Via signed a three-year contract that will pay her an annual salary of $800,000 per year. She also got a $200,000 signing bonus and $300,000 to compensate her for an annual cash award she would have received at her previous employer.
The company's stock price enjoyed a 198.6 percent return during the fiscal year ending Jan. 31. Shares have continued to rally and closed at $7.40 in Tuesday's trading.
Patrick Kennedy
about the writer
The company is asking a bankruptcy judge to approve a sale to an interested buyer by the end of January.