Stein Mart Makes "Interim" CEO Permanent
It's official -- Stein Mart has a permanent chief executive officer again.
The man who will head up the fashion retailer going forward is the same man who's led the company on a temporary basis since being named interim CEO back in September 2011 -- and who also ran the company as CEO from 1990 to September 2001: Jay Stein.
Stein Mart's board of directors announced that Stein has been confirmed in the top job Wednesday. Also confirmed is his salary, unchanged at $553,200 annually. This year, however, Stein has requested that his salary be reduced so as to ensure that, once he receives his bonus earned for 2012, his 2013 total compensation remains at $553,200.
He'll still make out all right in 2013. Stein is currently the top owner of Stein Mart stock, holding 34.7% of all shares outstanding -- 15.2 million shares. At the firm's $0.02-per-share annual dividend (which yields 1.5%), this works out to upwards of $3 million in dividend payments he should receive this year.
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