Peek-a-boo!

May 15, 2006

Children’s Place (PLCE), a stock that has done very well over the past year, had some interesting new disclosures in the proxy it filed earlier today. For one, the company spent $120K last year to provide Chairman and CEO Ezra Dabah with a car and driver, a perk that was never disclosed before the current proxy, but which judging by this proxy, has been available to Dabah since 2003.

There’s also the $330K the company spent on relocating Mario Ciampi to California when he took over The Disney Stores unit last year. Ciampi, who resigned last month for the oft-abused "personal reasons"  received $510K in severance and 30,000 options that vest immediately as a send-off. And the fact that all of the options handed out last year — including 85,000 to Dabah — vested immediately, making for a potentially pretty nice profit.

Finally, there’s more details when it comes to related-party transactions. While the company disclosed in the past that several Dabah family members worked at the company, they never disclosed individual salaries, instead choosing to list them as a group earning a collective $1.5 million. This year, they do and it’s easy to see that Nina Miner, Dabah’s sister-in-law and a daughter of board member Stanley Silverstein made the bulk of that money with a $442K salary and $222K bonus in her job as chief creative officer, which works out to more than two of the five top executives made last year.

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