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Oakley Chairman to Forgo 1997 Salary

CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / APPAREL

April 28, 1998|Patrice Apodaca

Oakley Inc. Chairman and President Jim Jannard decided to forgo compensation in 1997, a year in which the sunglasses supplier saw its profit sag. Company spokeswoman Renee Law said that Jannard decided in mid-1996 to waive all future salary and link his compensation entirely to the Foothill Ranch-based company's returns. Jannard is Oakley's largest stockholder with 38 million shares, or 53.8% of the total. That stake was worth $461 million as of Monday's closing price of $12.50 a share, down 38 cents on the New York Stock Exchange. In addition to not drawing a salary, Jannard also received no stock options last year, according to Oakley's annual proxy statement filed with the Securities and Exchange Commission. Jannard was not entitled to a bonus last year, according to the proxy, because Oakley's financial performance "was significantly below the target established."

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