Cash bonus boosts Saks CEO's 2009 compensation
* Total compensation $6.7 mln in '09 vs $5.5 mln in '08
* $1.6 mln cash bonus offset value drop in options, stock
NEW YORK, April 22 (Reuters) - Saks Inc (SKS.N) Chief Executive Stephen Sadove was awarded total compensation of nearly $6.7 million in 2009, a 20 percent jump over a year earlier, on the strength of a cash bonus that offset a drop in the value of his option and stock awards, according to a regulatory filing.
In addition to a base salary of just more than $1 million, Sadove got a cash bonus of $1.6 million and some stock and option awards, according to a proxy filed on Thursday with the U.S. Securities and Exchange Commission.
Last year, Sadove, who became the upscale retailer's CEO in 2006, earned total compensation of $5.5 million.
Saks, had a net loss of $57.9 million on sales of $2.6 billion in the year ended Jan. 30, 2010, compared to a loss of $158.8 million on sales of $3 billion a year earlier.
Saks operates 53 Saks Fifth Avenue full-service stores and 55 Off 5th off-price stores in the United States. (Reporting by Phil Wahba; Editing by Tim Dobbyn)
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