Alliance Data Sets New Pay Deal for Chairman Parks
Alliance Data Systems has announced a new pay package for former CEO J. Michael Parks. Now transitioning to chairman of the board, he gets a lower base salary than before. Here's the new deal:
Plus:... as compensation for 2009, Mr. Parks will receive (1) an annual base salary at the rate of $889,200 and (2) a target incentive compensation payment equal to 125% of his base salary, with 50% of such target award tied to a 2009 operating cash flow target of $604,000,000 and 50% tied to a 2009 cash earnings per share target of $5.15 ...
... a maximum 200% payout when the target is exceeded. In addition, as compensation for the period January 1, 2010 through the Transition Date, Mr. Parks will receive total base salary of $842,000.In 2007, his base salary was more than that, at $900,000. That year he also earned a $100,000 bonus, $1.6 million in incentives, $65,000 in "other" compensation, and stock and options, which combined totaled $6.2 million.
Loyalty marketing giant ADS paid Parks (pictured) just for "living." Among his perks:
... travel and related expenses for spouses in connection with company events, and in certain cases, commuting and living expenses.ADS has not yet filed paperwork describing Parks' total compensation in 2008.