So, not sure if you’d heard, but American Apparel hasn’t been doing so well financially over the past few years. Somehow, though, despite the fact that the company has been tangled up in millions of dollars in debt that is only increasing, CEO Dov Charney raked in almost twice as much money in 2011 than he had the year before.
His base salary stayed the same–$750,000–and he was granted a $10.1 million stock award, the same as in 2010, plus another $10.1 million stock award on top of that, WWD is reporting. In total, that’s almost $21 million.
To put that in perspective, that is more than the 2011 compensation of J. Crew’s top executives combined. And J. Crew is actually a successful company.
To be fair, as WWD points out, executives don’t always necessarily end up taking home all of their reported stock awards.
Charney recently signed a new three-year contract with AA that requires a minimum base salary of $800,000, incentive bonuses and increased stock options that could see him making even more money in years to come. Guess that explains why he always seems so calm about things.