John Idol’s Pandemic Pay Cut
John Idol, chairman and chief executive officer of Carpi Holdings Ltd., took a big COVID-19 cut to his salary, which tallied just $24,502 last year.
That’s down from $1.4 million a year earlier.
Idol voluntarily elected to forego his salary once the pandemic hit and “in light of the significant impact COVID-19 had on our business,” the company said in a regulatory filing with the Securities and Exchange Commission late Tuesday.
That is going quite a bit further than many other executives went — but Idol still ranks as one of the highest-paid executives in fashion.
Idol’s total compensation fell 30.3 percent to $8.2 million last year, with $6 million of that coming in the form of stock awards, the full value of which depends on future stock prices and vesting schedules. He also received incentive pay of $2 million and other compensation of $143,918.
As CEO, Idol has had to steer the company — owner of Versace, Jimmy Choo and Michael Kors — through an unprecedented storm.
