Payless executives get incentive pay
Topeka ? Payless ShoeSource Inc. president and CEO Matt Rubel is getting an $829,644 bonus for less than six months’ of work last year, leading the company as it met performance goals.
The Topeka-based company disclosed the incentive payment for 2005 in an SEC filing this week. Rubel joined Payless in July, replacing Stephen Douglass.
The filing also noted that Rubel would be able to shoot for an even larger bonus for 2006: A committee of the company’s board of directors increased his incentive target to 85 percent of base salary, up from 75 percent. Other executives also had their targets increased to 50 percent of their base salaries, up from 45 percent.
Other payments for 2005 were approved for four senior vice presidents, Payless said: Darrel Pavelka, $353,743; Ullrich Porzig, who also is chief financial officer and treasurer, $347,625; Jay Lentz, $329,827; and Michael Massey, who also is general counsel and secretary, $282,272.

