Neiman Marcus Group Inc. CEO Burton M. Tansky has renewed his contract for another two years. The contract, which was set to expire in October 2008, has been extended to October 2010, according to a report on WWD.com.
The contract provides that Tansky’s employment will automatically be extended for one-year periods after the term of the agreement expires unless, at least six months prior to the commencement of any one period, Tansky or the board decides it's time for him to retire. A Securities and Exchange Commission filing, which disclosed the contract renewal, lists Tansky's base salary at $1.3 million, the report said.
Last October, the Neiman Marcus Group formed an office of the chairman, throwing the spotlight on two veteran officials, Karen Katz and James Skinner, as leading contenders to one day succeed Tansky.
Katz is president and CEO of the Neiman Marcus Stores division. As part of the chairman's office, she has the additional role of executive VP of the group, entailing responsibilities for strategy, business development and marketing.
Skinner, senior VP and CFO, is included in the office of the chairman. He is also executive VP and CFO of the group, with responsibility for information services.
Tansky, who has been at the helm of the high-end retailer since the early 1990s, also serves as chairman and president of the corporation.