The watchmaker’s son (and son in law)….

May 24, 2005

In a proxy filed earlier today, upscale watch company Movado (MOV) became the latest company to disclose that two relatives of the chairman and CEO have been on the company payroll, though it’s not clear from the company’s earlier filings as to how long. Alex Grinberg, son of Chairman Gedalio Grinberg and brother of CEO Efraim Grinberg, made $329,842 as president of the company’s Concord Brand last year, while his brother-in-law, David Phalen, made $437,923 as president of Movado’s retail group. Both men also received stock grants last year: 3,000 for Alex and 3,200 for David, which was worth an additional $50K based on current stock prices. A quick Google search (which usually turns up old trade magazine clips) for both men doesn’t shed any light on how long either have worked for the company. So while it’s certainly nice that Movado is disclosing this information now, it would be even nicer to have a few more details on how long these two men have been on the payroll.

Leave a Reply

You must be logged in to post a comment.