Jenna Lyons, J. Crew's creative director, has been promoted to executive creative director and was awarded a $325,000 bonus in recognition of both individual and company performance in fiscal 2009. This comes on top of her "one-time" $1 million bonus that she received in October 2009. It's good to be queen!
In addition, other J. Crew executives also pulled down some nice change, too. Tracy Gardner, president, was awarded $425k, chief financial officer James Scully was awarded $250k, executive vice-president Libby Wadle was awarded $200k, and the big kahuna Millard "Mickey" Drexler, the company's CEO and chairman, was awarded a whopping $2 million.
An SEC filing said the company had suspended its cash incentive plan at the beginning of its fiscal year, "in light of the then challenging economic conditions," but reinstated the program after the company outperformed its financial goals for the year.
It seems steering the company into partnerships with Fenton/Fallon, Net-a-Porter, Miriam Haskell for bridal among others were not bad moves for Lyons. Plus, it doesn't hurt that the company is a favorite fashion resource for the First Family.