BRIEF: No bonus for CEO as Caleres misses earnings target

April 14—Caleres Chief Executive Diane Sullivan didn't earn an annual bonus last year, causing her total pay to fall 25 percent to $7.1 million.

The Clayton-based shoe company fell short of earnings goals last year amid what its proxy statement calls a “challenging retail environment.” Sullivan's target bonus level was $1.4 million.

The CEO's salary was flat at $1.03 million and she did receive a long-term bonus of $1.4 million based on Caleres' three-year performance. She also received $4.5 million in stock, of which $1.8 million depends on Caleres' earnings and sales growth between 2016 and 2018.

The company says it sets three-year goals that are “a significant stretch” for executives.

Adding to Sullivan's pay tally were $48,322 of increased pension value, $57,130 worth of personal flights on a company plane and $25,000 worth of financial and tax planning services.

Sullivan's golden parachute, the amount she could receive if she leaves Caleres after a takeover, is valued at $20.1 million, including $17.8 million in severance and cash incentives.

Caleres' earnings per share fell 18 percent in fiscal 2016, which ended Jan. 28, and its share price dropped 8.5 percent.

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