Ralph Lauren extends contract |
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Monday, 23 July 2007 |
Designer Ralph Lauren is thought to have extended his contract to run his clothing empire, Polo Ralph Lauren. The current
contract, which was due to expire next year, is to be renewed to 2013, when Mr Lauren will be 73 year of age. His five-year extension could be worth much more than $100 million, not counting the reimbursement for mandatory use of private jets and helicopters for all of his business and personal travels. Lauren, is Polo Ralph Lauren's chairman and chief executive, and is set to receive a salary of $1.25 million as well as annual bonuses of as much as $19.5 million. Each year he will further receive 100,000 options and 75,000 shares of restricted stock, currently worth more than $7 million.
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