Collective CEO Sees Compensation Drop by 66%

By: AP Kansas
By: AP Kansas

KANSAS CITY, Mo. - The head of shoe retailer Collective Brands Inc. saw his compensation package drop by almost two-thirds in 2008 as consumer spending declined.
Matthew Rubel is president and chief executive officer of the
Topeka-based company. He received compensation valued at just over
$5 million, according to a company proxy filed late yesterday. He
received almost $15 million in 2007.
The biggest difference was the value of restricted shares and
options that Rubel received during the year, which fell from $12.5
million the previous year to $2.6 million in 2008.
The company, which operates the Payless ShoeSource and Stride
Rite chains, reported a net loss for the year of $69 million.
Annual revenue rose 13.4 percent to $3.4 billion.


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