In the wake of executive leadership turnover at the company, Kohl's Corp.
is upping its CFO's compensation package.
[caption id="attachment_568279" align="alignleft" width="300"]
Jill Timm, CFO of Kohl's Corp.[/caption]
, who has served as chief financial officer since November 2019, recently received a 5% increase in her base salary, from $900,000 to $950,000, and a one-time restricted stock grant worth $1.5 million, according to an SEC filing Tuesday.
The Menomonee Falls-based retailer said the arrangement aims to recognize Timm's "ongoing contributions to the company" and is in "consideration for her continued employment with the company."
Timm will need to remain at Kohl's through April 21, 2024, in order to receive the stock bonus of 64,767 shares. If she voluntarily leaves the company or is terminated for cause between April 21, 2024, and May 1, 2025, she is required to reimburse the company for the grant.
It's not the first time over the past year that Kohl's has increased Timm's compensation package as a handful of top executives have departed. In August, the company increased her base salary from $860,000 to $900,000 and her annual incentive target was increased to 130%. And in November, she received a cash retention award, to be paid in two equal installments of $450,000 on January 1, 2024, and January 1, 2025, so long as Timm remains with the company through those dates.
Joining Kohl’s in 1999 as a senior financial analyst, Timm, 49, has spent the majority of her career overseeing the company's finances. Prior to the C-suite, Timm most recently served as executive vice president of finance.
In 2022, Timm's total compensation was $2.5 million, including a base salary of $878,333, stock awards worth $1.55 million and $91,255 in other compensation, according to the company's annual proxy statement.
Kohl's says its approach to executive compensation is "directly linked to performance, with the ultimate objective of increasing long-term shareholder value."
Citing the impact of inflation on prices and consumer spending, Kohl's reported a 7.1% decrease in net sales and net loss of $19 million for fiscal 2022.
The past year has brought a wave of executive leadership shifts at Kohl’s, including most notably, the appointment
of Tom Kingsbury as CEO following the departure
of former president and CEO Michelle Gass
. The company earlier this year named Dave Alves
as its new president and chief operating officer, and Nick Jones
as chief merchandising and digital officer - replacing Doug Howe - and appointed Jennifer Kent
as chief legal officer and corporate secretary, replacing Jason Kelroy. It also announced chief people officer Marc Chini
will retire from his post later this year. In addition, Christie Raymond
took over as chief marketing officer last year, replacing Greg Revelle.