How do you get a CEO to town?


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  • | 11:00 a.m. December 4, 2015
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Shelley Broader started her new job as president and CEO of Chico's FAS Dec. 1.

So what does it take to recruit a top-level executive away from Wal-Mart, where Broader was president and CEO of international operations overseeing Europe, Canada, the Middle East and Africa?

A look at Chico's employment offer to Broader filed with the Securities and Exchange Commission recently provides a glimpse into the Fort Myers-based retailer's recruitment process.

For starters, Broader gets a $1 million cash signing bonus and $3 million worth of restricted stock. She must pay the cash bonus back if she resigns without good reason within a year and half that sum if she resigns within two years. The restricted stock will vest over three years.

Broader's base salary is $1.1 million and she's eligible for a cash bonus of as much as 175% of her salary, or $1.9 million. For fiscal year 2016, Broader will receive a guaranteed bonus of nearly $1.4 million.

In addition, Broader will receive a stock award of $6.5 million March 1. About 50% of that award will be in restricted stock that vests over three years. The other half of the award will be earned for company performance and will vest over a three-year period.

Chico's will also pay for Broader to move her family from Canada to Fort Myers next summer. Because her children are still in school, the company will pay for Broader to travel eight times to Canada while they complete the school year.

Broader, known in the Tampa area for rebranding Sweetbay Supermarkets, certainly has her work cut out for her. Chico's recently reported disappointing earnings and is selling one of its brands, Boston Proper.

 

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