Fitness financials: Life Time Fitness CEO to forgo salary, plus Hibbett Sports, Dick's/Reebok
Life Time Fitness said its CEO will forgo his cash salary, Hibbett Sports added 2 board members, and Dick's and Reebok announced they will partner on a clothing collection.
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Life Time Fitness CEO to forgo salary
Life Time Fitness said Chairman and CEO Bahram Akradi would forgo his cash salary and performance-based bonus this year, and instead receive his entire compensation in the form of restricted stock.
For his fiscal 2008 compensation, Akradi will receive 188,960 shares of restricted stock that will vest annually over four years beginning March 1, 2009. The number of shares vesting on each annual date may be reduced by up to 25 percent if the company does not meet certain financial performance measures during fiscal 2008, it said.
The compensation committee also approved increased stock awards for the company’s other executive officers, in lieu of no increase to salary or cash incentive bonus.
Hibbett Sports adds 2 board members
Hibbett Sports (Nasdaq: HIBB) has appointed Albert C. Johnson and Terrance G. Finley to the company’s board of directors. The two new additions bring the board’s current membership to eight directors.
The company also announced that current board member Clyde B. Anderson will not stand for re-election at the 2008 Annual Shareholders Meeting when his term expires. Anderson has been on the company’s board of directors since 1987 and serves as chairman of the Nominating and Corporate Governance Committee.
Dick’s, Reebok to partner on clothing collection
Entering into a partnership with Dick’s Sporting Goods (NYSE: DKS), Reebok will launch a men’s and women’s clothing collection that will be featured in all 340 Dick’s stores in the United States.
No financial terms of the partnership were disclosed in a news release from Reebok, a subsidiary of adidas.
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