Urban Outfitters CEO Richard Hayne earned just $33K last year
That's $33 thousand, not million.
Urban Outfitters CEO Richard Hayne earned just $33K last year
Esther Lee, Philly.com
That's $33 thousand, not million.
A proxy filing with the SEC Tuesday reveals that Richard Hayne - founder, chairman, president and CEO of Navy Yard-based Urban Outfitters Inc. - earned only $33,273 last year, reports WWD. However, this was a 7 percent increase from his previous year's pay of $31,015.
How is this possible? We break it down for you below.
Hayne's salary is $1 a year. He received a $5,000 holiday bonus in 2012, while the remainder of his salary came from "all other compensation." Unlike other executives within the company, the chief executive's bonus is tied directly to corporate performance. For Hayne to qualify for a bonus, company revenues have to reach the $2.83 billion mark. Urban Outfitters Inc. recorded $2.79 billion in revenue last year, just shy of the limit to activate additional compensation. So it stands that the last time Hayne collected a cash bonus was in 2010 when he received $420,000.
But in the world of corporate earnings, this is the real tale: Hayne's stake in Urban Outfitters is worth close to $1.1 billion. He's not interested in his annual compensation- what he really wants is for the retailer to grow, as in skyrocket in earnings.
Just last week, Nasty Gal founder Sophia Amoruso revealed in a New York Times profile that the retailer had recently contacted Amoruso regarding a potential acquisition. The move could be a lucrative opportunity for both parties - one that infuses Urban with an edgier, hip vibe. And cash bonuses.
Yes, another billionaire playing hide the compensation to avoid their tax responsibility. Which is why capital gains taxes need to be raised back to the level of income. So these obfuscating, tax dodging billionaires actually pay some kind of real tax— CiceroSpuriousDeodatusTheSecond- Right...We should attack enterprising individuals that create jobs and create value...that's smart.
BTW, how's that concept working out in France?
The real solution is for the Gubberment to stop spending money and subjecting citizens to massive tax hikes.— Professor1982 - Again, "enterprising individuals" do not create jobs. Demand for a service creates jobs. You sound positively ignorant parroting that tired talking point that was cooked up by some hack at the Cato Institute.
Retail related jobs are created by working class and middle class spending, not some rich guy who sells things. As more wealth is hoarded by the rich, demand for those services dries up and those jobs disappear.
When the working class has more, the economy flourishes. When the wealthy take more from the working class, the economy stagnates, as it has over the last 30 years. - Wow Jerk - When I built my companies, I never knew that "Demand for a service" alone could file proper paperwork to create a company; create unemployment accounts; create accounts for all tax liabilities let alone assume all liability for all taxes, payroll; assume liability for all loans and maintaining competitiveness.
Moreover I didn't knot that "Demand for a service" alone will balance bank accounts, manage margins and P&L, ensure product delivery, ensure sales, ensure strategic planning, ensure vendor performs and ensure compliance with Sarbanes Oxley, Dodd/Frank, Obamacare, State and Local guidelines...
I had it all wrong. Sheeett.
Jerk you have NO clue what you are talking about. Your statement is both insulting and flat out arrogant to anyone who has risked everything to build something.
Tool— Professor1982 - So you're saying that because you filled out your paperwork correctly, that's all it took to run a business? So if I want to start a company selling bags of s***, so long as I can figure out the paperwork, it'll do fine?
And you definitely don't need people to be able to afford your services, so it's okay if only the rich have money.... - Jerk - lol... Nice evasion to my prior statement.
Some day when you're all grows up and want to play with the big boys, start your own company and see how "easy" it is.
Tool.
— Professor1982 - oh 1982 there ya go again being someone your not. you never started your own company..you don't even have a job! Go ahead, tell us all about your successes inbetween the hate you spew on this site. — tornadochaser
- No one is stopping you from doing your own investment and earning capital gains.— penncrow19
- And this is the same response to those people complaining about salaries in sports. Teach our kids to hit the curve ball and sink a basket. Moar midnight basketball! — agreed
- Cicero, you are complaining about a CEO who doesn't get $millions in salary and whose compensation is directly tide up to his company's performance? Are you out of your mind? This is the greatest/fairest model. You are unhappy that his stake in his own company is worth over a billion? Why? He had an idea, worked hard to make it come true, created hundreds of jobs and in the process made his company valuable to the point where his stake is pretty high. Great man. You, on the other hand, is jealous person who likes to count others people money. In your book anyone who is rich, regardless of the source of the riches, is a bad person and deserves to go to jail. Right? Nice thinking. Obama would be proud of you.— hollandpa
- Holland - You'll have to excuse Cicero. He's just off the boat from Lenin and Stalin's school of communism. — Professor1982
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You mean he didn't get anymore in compensation? If this is true it set a new precedent for CEO salaries. Back in the day the average CEO pay was like 40x that of a line employee. Now, average CEO pay has risen to some 400x the salary of a line employee. I bet them other corporate CEO fatcats don't like this guy because he make them look bad. He is aight' in my books if this is on the up and up and he only took that much out the company bankroll.— Lil Tyreese Biggums- Cicero doesn't have the intelligence or work ethic to start his own company so he spends his time tearing down those who do.— Jim Wintersteen
- Yo, finally! a CEO that understands their position's true value to a company's bottom line.— rex nemorensis
