Jones Apparel CEO salary up 68% to $5.4M

New York City Wesley R. Card, president and chief executive of Jones Apparel Group, received compensation valued at $5.4 million in fiscal 2008, up almost 68% from a year earlier, according to a regulatory filing on Friday.

The company paid Card a base salary of about $1.6 million, up 20% from the previous year. Card voluntarily elected not to accept an $810,000 cash-incentive award, which was based on corporate performance, because of current business conditions and the impact it would have on the company's associates.

Card also received restricted stock awards valued at roughly $3.6 million on the day they were granted.

Additionally, Jones paid Card $208,566 in all other compensation, which included an apartment in New York and a car allowance and services.

In February, Jones Apparel Group said it posted a bigger fourth-quarter loss because of hefty charges, higher promotions and a weak holiday season. At that time, the company said it would eliminate 185 positions, or 4% of its wholesale and corporate full-time work force.