By all accounts core mall retailer Zumiez was getting a pretty good deal by only paying their CEO Richard Brooks $262,500 a year in salary. But, according to a story in the Seattle Times, those bargain days are over.
Everett-based retailer Zumiez said Monday it will pay Chief Executive Officer Richard Brooks an annual base salary of $613,200, more than double the $262,500 a year he had been paid. . . Zumiez cited Brooks’ 18-year tenure with the youth-oriented retailer, its strong financial performance in 2010, and a desire to bring his salary “closer to the 40th percentile peer group target.”
The company made $24.2 million in profit last year so it’s probably about time. Wonder if this new policy on salaries will trickle down? Hope so.
[Link: Seattle Times]
