|
|
Article: Hartmarx limits stock options, paves way for board overhaul
- Article from:
- Chicago Sun-Times
- Article date:
- August 13, 2002
- Author:
CopyrightCopyright 2002 Chicago Sun-Times. (Hide copyright information)
|
Hartmarx Corp., still in search of a financial savior, gussied up
its corporate governance policies Monday by limiting senior managers'
stock-option awards and paving the way for a board overhaul.
The company's board of directors limited stock options and
restricted stock awards that can be granted to the top five
executives in any consecutive three-year period to 5 percent of
Hartmarx's outstanding common shares.
Previously, there were no limits on such awards, said Hartmarx CEO
Homi Patel.
The struggling Chicago-based maker of Hart Schaffner & Marx and
Hickey-Freeman suits now devotes 7 percent to 8 percent of its
outstanding shares to stock options. The practice dilutes the pool of
stock ...