July 18, 2007, 12:00 AM

Blue Nile boosts a pair of executive pay packages

Blue Nile Inc. is giving two of its senior executives a nice bump in pay, including president Diane Irvine. The compensation committee of the Blue Nile board of directors voted to increase Irvine’s base salary by 9.7% and her annual target bonus by 28%.

Online jeweler Blue Nile Inc. is giving two of its senior executives a nice bump in pay.

To reflect her promotion to company president in February, the compensation committee of the Blue Nile board of directors voted to increase Diane Irvine’s base salary by 9.7% from $310,000 to $340,000 per year and to increase her annual target bonus from $186,000 to $238,000, a 28% hike.

The compensation committee also approved an increase in pay for senior vice president Darrell Cavens to reflect his increased duties and responsibilities. The committee approved a 20% increase in Cavens’ base salary from $200,000 to $240,000 and a 20% boost in his annual target bonus from $70,000 to $84,000.

Blue Nile, No. 49 in the Internet Retailer Top 500 Guide, made the pay raises retroactive to February. The committee didn’t address any new compensation for Blue Nile CEO Mark Vadon. Blue Nile paid Vadon total 2006 compensation of $2.1 million, according to the company’s proxy statement. The package included annual base pay of $385,000, an options award of $1.43 million and other compensation of $294,120.

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