All that’s golden…

October 10, 2003

It’s been a good year for investors in Zale Corp. (ZLC) , the large jewelry retailer, whose stock is up sharply. But it’s been an even better year for Zale’s directors, who saw their annual retainer increase more than three-fold in 2003 to $50,000 a year. That’s in addition to the 5,000 stock options and additional fees the directors receive each time they attend a meeting, even when they just listen in on the phone. Zale also gave a big raise to committee chairs who now receive an additional $15,000, up from $2,500 in 2002. Despite the big raise, Zale directors actually met fewer times in 2003 than they did in 2002. Zale’s CEO, Mary Forte also got a big raise in 2003. Her base salary went up 50 percent in 2003 to $600,000.

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