To All:
"Irvine, Calif.-Based Oakley Ships New Line of Sunglasses, Saves Chief's Bonus"
By Kelly Barron, The Orange County Register, Calif.
Knight-Ridder/Tribune Business News
IRVINE, Calif.--Mar 1--Oakley Chairman Jim Jannard won't have to worry about losing his million-dollar bonus.
The Irvine company shipped its news $250 X Metal sunglasses Friday, meeting a deadline that if missed would have cost Jannard some pocket change.
Jannard, whose stake in Oakley is worth about $320 million, said in December that he would forfeit his bonus if the company didn't ship the frames by the end of February.
It wasn't just bravado.
Oakley, which originally planned to release the X Metal last year, needs the new metal frame to boost its stock and re-energize its cool image.
The company's stock has fallen by more than half, to $8.875 Friday, from a high of $24.50 in September.
The company delayed the X Metal release because it was continuing to refine the design process and complete engineering. The charcoal bronze-colored frame is made from a combination of metals including aluminium and titanium.
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