The head of Charlotte-based Cato Corp. had a pay increase of almost 57 percent last year, driven by a big bump in his annual bonus.
John Cato, the fashion retailer’s chairman, president and CEO, made $4.57 million in 2014, up from the $2.92 million he made in 2013, according to a securities filing Tuesday.
Cato’s total pay included $1.15 million in salary, $1.47 million in stock awards, a $1.73 million bonus and perks and other compensation totaling $217,059, according to the annual proxy filing.
Cato, 64, has been an officer at the company since 1981 and has served in his current role since January 2004.
Earlier this spring, Cato Corp. said its 2014 earnings were the third highest in company history, though it anticipates that the weather-induced slow start to 2015 could weigh on this year’s earnings. Fourth quarter 2014 earnings soared 139 percent thanks in part to robust holiday sales.
In 2014, Cato’s stock rose 33 percent, which compares with a 4 percent rise among other companies in the S&P 600, an index that tracks small-cap companies.