Please ensure Javascript is enabled for purposes of website accessibility

Under Armour executives see pay soar in ‘10

Top executives at Under Armour enjoyed hefty pay increases in 2010 thanks to strong revenue growth by the fast-growing performance apparel company.

CEO Kevin Plank’s salary stayed the same in 2010, at $26,000 — the amount he earned when he launched the company, according to Under Armour’s proxy statement, which was filed Friday. His total compensation, however, increased to $1.32 million thanks to the $1.28 million he earned in incentives.

Chief Financial Officer Brad Dickerson’s total compensation increased from $368,515 to $585,477 last year, based on “driving improved financial discipline and planning for our business, highlighted by a 21.1 percent increase in our diluted earnings per share from 2008 to 2009 and a 83.5 percent increase in our cash balance from $102 million at the end of 2008 to $187.3 million at the end of 2009,” according to the proxy.

COO Wayne Marino’s compensation jumped from $533,786 to $4 million thanks to “his top leadership role helping to lead a growing and increasingly complex business and his importance to our business over the next several years.” Almost $3 million of that came in the form of stock and option awards.

Under Armour sales topped $1 billion for the first time in its history last year, a key milestone Plank has long eyed as the company has rolled out running shoes and other new products to go along with its moisture-wicking performance clothing. Operating income increased 32 percent to $112 million.

Under Armour’s annual shareholder meeting will be held May 3 at 10 a.m. at the company’s Tide Point headquarters.

Get breaking news sent directly to your mobile phone. Text “tdrnews” to 444888 and become a TDR Mobile Insider.