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Fresh Carrots at The Childrens Place__»

It may be winter in much of the United States, but recently one executive at The Children’s Place (PLCE) received a bumper crop of reasons to stay with the company for another 14 months.

The —carrots in question come in the form of impressive —special bonuses going to Susan J. Riley, the Company’s Vice President, Finance and Administration. According to the 8-K that contains the details, the money is being paid —in recognition of her past contributions to the Company and in order to secure her future services to the Company.

Riley will receive $1,000,000 if she stays with the company through March 31, 2010; and she—ll get another $1,000,000 if she stays with the company through March 31, 2011. (There are also severance clauses in place that protect Ms. Riley’s right to receive this money if the company terminates her employment without cause before the end of March, 2011.) That adds up to more than $4,700 per day just to stay in her job. And, just in case it isn’t clear, that’s in addition to her regular paycheck.

Of course, staying in a job like Riley’s may not be so easy. Nearly four years ago, Michelle wrote about some of the company’s odd expenditures that were disclosed in a 2006 proxy. Since that time, the company has gone through some very public, tumultuous transitions, and a new chief executive, Jane Elfers, stepped into the job a few weeks ago. Analysts currently have mixed projections about how they expect the stock to perform this year.

Riley has been with the company since about March, 2006 (p. 33), and she’s worn a variety of finance-related hats in that time. According to p. 54 of last summer’s proxy, Ms. Riley earned a base salary of $534,200; add some stock and other types of compensation, and her total compensation surpassed $2 million in 2008.

In the January 22 filing, the company says that the full letter agreement will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2010.

Image source: World Community Cookbook