Just days after Crocs Inc. accountants proclaimed 2020 to likely be the firm’s best revenue year ever, the footwear maker announced executive bonuses in the form of company shares worth millions of dollars.
Crocs CEO Andrew Rees was given 108,510 shares worth about $7 million while chief financial officer Anne Mehlman and chief legal and risk officer Daniel Hart received incentive packages worth $3 million and $2 million, respectively.
In a U.S. Securities and Exchange Commission filing Thursday, Crocs said the bonuses “provide a retention incentive for Mr. Rees and the other executive officers and closely aligns their interests with those of the company’s stockholders.”
Crocs, in a regulatory Monday, adjusted up its 2020 revenue guidance, indicating the firm expects revenue to grow more than 12%. In past disclosures, the company expected 5% to 7% growth for the year.
All told, Crocs expects to rack up sales between $1.381 billion and $1.384 billion for 2020, good for the company’s best annual sales total.
Looking ahead, Crocs is not expecting a sales slowdown in 2021. The company predicts it will achieve full year 2021 revenue growth of 20% to 25% compared to 2020.