Potential windfall for Chico's brass

Reports that women's retailer Chico's FAS may be sold to a private-equity firm for a premium may be good news for shareholders.

But Chico's top executives stand to do very well, too if they lose their jobs as part of a change in control of the company, according to the Fort Myers-based retailer's proxy statement filed May 9 with the Securities and Exchange Commission.

If he's terminated as part of a change in control, David Dyer, Chico's president and CEO, could earn a payment of $10.5 million. Dyer, 64, is a shareholder, too, and his current stake is worth about $16 million.

Other top executives who would earn a payout from a change of control if they're terminated include Chico's Brand President Cynthia Murray ($7.7 million), White House | Black Market Brand President Donna Colaco ($6.7 million), Soma Intimates Brand President Laurie Van Brunt ($4.3 million), and Executive Vice President and Chief Financial Officer Pamela Knous ($3 million).

All of the executives own stock in Chico's, so the change in control payments would be in addition to any appreciated shares they own. Together, the officers and directors at Chico's own 3.3% of the outstanding shares.