Tapestry CEO Joanne Crevoiserat’s Pay Revealed
Joanne Crevoiserat, Tapestry Inc.’s chief executive officer, saw her annual compensation increase 9.5 percent to $13.7 million last year as the company boosted sales and brought in new customers.
Crevoiserat’s take included incentive pay of $4.3 million, salary of $1.3 million and stock and option awards valued at $8 million, according to the company’s annual proxy statement, filed with the Securities and Exchange Commission Friday.
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CEOs typically received most of their pay in stock awards, which tie their own pocket book to the fortunes of investors since their realized value will ultimately depend on the company’s performance.
Elsewhere in the Tapestry C-suite, Todd Kahn, CEO and brand president of Coach, logged compensation of $5.1 million and Scott Roe, chief financial and chief operating officer, saw pay of $4.4 million.
In a letter to shareholders, chair Anne Gates and Crevoiserat took something of a victory lap, describing fiscal 2022 as “a standout year for Tapestry” that was “highlighted by accelerated top-line and profit gains across Coach, Kate Spade and Stuart Weitzman.”
“We are a different company today than we were just two years ago,” the pair said. “Through an unwavering focus on the consumer, supported by our transformed and diversified business model, we delivered record annual revenue of $6.7 billion, including $2 billion in global digital sales, and acquired 7.7 million new customers in North America alone.”
Looking ahead, Gates and Crevoiserat said Tapestry’s brands have “tremendous runway.”
“We are entering our next phase of growth — which we call future speed — from a position of strength,” they said. “The environment is ever-changing, and we have designed our organization to power our brands to move at the speed of the consumer with agility and intention.”
With inflation, stock market mayhem, economic slowdown, supply chain backups and geopolitical strife, that agility seems sure to be tested in the coming year.
