Pay Freeze for Barnes & Noble Execs
by Jim Milliot -- Publishers Weekly, 3/24/2009 11:32:00 AM
The top executives at Barnes & Noble will not receive an increase in their base salaries for the current fiscal year ending January 2010. The freeze was made at the recommendation of management and approved by the compensation committee of the board of directors. The execs will still be entitled to collect bonuses if performance targets are hit. The freeze applies to chairman Len Riggio; vice chairman and CEO Steve Riggio; COO Mitch Klipper; CFO Joseph Lombardi, and Alan Kahn, president of Barnes & Noble Publishing. William Lynch, who joined B&N earlier this year as president of Barnes & Noble.com, is still guaranteed to earn 150% of his base salary, in accordance with his employment agreement. Lynch’s base salary is $800,000.
