Business Context and Reporting Period
This Form 8-K Current Report was filed by Tapestry, Inc. on March 9, 2020, covering events occurring on March 6, 2020. The filing addresses a significant executive departure within the Company's leadership team.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the resignation of Joshua Schulman, who served as the Chief Executive Officer and Brand President of Coach. Mr. Schulman notified the Company of his resignation on March 6, 2020.
Outlook, Management Commentary, and Risks
- Transition Period: Mr. Schulman is expected to remain employed by the Company for up to six months following his resignation notice, in accordance with the notice period required under his employment offer letter.
- Post-Employment Covenants: Mr. Schulman is subject to post-employment covenants for a twelve-month "Restricted Period" following his last day of employment. This includes a prohibition on joining a competitor of the Company during this time.
- Public Disclosure: A press release detailing the departure was issued on March 9, 2020, and is attached as Exhibit 99.1.
Investor Verification Checklist
- Verify the exact last day of employment for Joshua Schulman to determine the start of the Restricted Period.
- Review the attached press release (Exhibit 99.1) for details on the interim leadership structure or successor plans.
- Confirm the terms of the employment offer letter referenced in the filing regarding the six-month notice period.
- Monitor subsequent filings for any changes to the Company's strategic direction following the CEO's departure.