Skechers shows what family-first means

Back in May, after Skechers announced that it was going private in a nearly $10 billion deal, we wondered what that would mean for the various family members — we counted 10 — of CEO Robert Greenberg who were on the company payroll, in some cases to the tune of millions of dollars in compensation.

Our answer (sort of) came on page 29 of the 10-Q that Skechers filed last week. Greenberg, as well as CFO John Vandemore, and EVP for Product Development Mark Nason would each receive 18 months of salary continuation and 18 months of COBRA coverage. With a salary of just over $7 million, Greenberg is clearly the biggest beneficiary. Keep in mind that he also stands to pocket over $1 billion based on his stock holdings once the deal closes. Vandemore, whose most recent salary was $1.6 million and Nason, whose most recent salary was $2.7 million, will get $2.4 million and $4.1 million respectively.

As for the other family members, the 10-Q said that President Michael Greenberg, who is Robert’s son, and COO David Weinberg would be paid on their most recent employment agreements, though it didn’t specify a number. But back in the proxy, it did provide estimates of $58.1 million for the younger Greenberg and $43.2 million for Weinberg.

Presumably the other family members will fall under the new  “change in control severance plan” that the company adopted on Aug. 7. That plan provides unspecified benefits to an unspecified  number of U.S.-based employees. Employees would be entitled to salary continuation and payments for health insurance, but the filing didn’t provide any details on who exactly would be covered and how much they would get. Two of Robert’s sons, Jason and Joshua, made $6.1 million and $5.4 million respectively in 2024, although it’s not entirely clear what role they played at the company.

If we were bettors, we’re pretty sure that folks like Jason and Joshua will wind up with some sort of additional compensation. As for the kids who work in the stores at your local mall? Probably not.