Linens 'n Things Shell Out to Three Senior Executives
November 30, -0001
CLIFTON, New Jersey – Three senior executives of Linens 'n Things have been given substantial raises in salary. The company's board of directors has approved higher base salaries for the svp, cfo Francis Rowan ($300,000); evp of store operations David Coder ($440,000); and evp merchandising Scott Silver ($410,000 plus a one-time bonus of $5,000). These will be effective as of March 31st. The directors also granted stock options to the execs: the right to purchase 10,000 shares each to Rowan and Coder, and 5,000 shares to Silver. LNT also reported it had modified "certain compensatory arrangements" with the "principal executive officer" but did not give details in the 8-K. However in its most recent Form 10-K filing, LNT showed that ceo Robert DiNicola, who has a current annual base salary of $1.35 million, received salary raise in either March 2007 or March 2008. The same document shows that Rowan's new raise is 9%, Coder's 3.5%, and Silver's 2.5%. The $2.8 billion retailer reported a fiscal 2007 net loss of $242.1 million, more than twice the $106.5 million loss a year earlier.