Lululemon's new CEO to get higher base salary than predecessor
TORONTO (Reuters) - Lululemon Athletica Inc's (LULU.O) incoming chief executive, Laurent Potdevin, will be paid a base salary of $900,000 as well as signing and retention bonuses, the upscale yogawear retailer said in a regulatory filing made public on Wednesday.
Current CEO Christine Day's base salary had been set at C$750,000 ($706,000) for fiscal 2013, according to Lululemon's last proxy filing.
Potdevin, set to take over in January, will be eligible for performance bonuses up to 150 percent of his base salary, like Day. He will also receive a $200,000 signing bonus, and a $1.65 million retention bonus.
If he resigns within 24 months of his start date, Potdevin has agreed to repay the retention bonus on a pro-rata basis, the company said.
Potdevin was also awarded $2.0 million worth of restricted shares. One-third of the shares will vest in each of the three years following his start date if he is still employed by Lululemon.
Lululemon, which is looking to expand globally and put a series of embarrassing quality issues and other problems behind it, named Potdevin as its new CEO on Tuesday.
($1 = $1.06 Canadian)
(Reporting by Allison Martell; Editing by Jeffreys Hodgson and Benkoe)
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