Business Context and Reporting Period
This Form 8-K Current Report was filed by Tapestry, Inc. on June 2, 2020, with the earliest event reported on that date. The filing addresses corporate governance changes under Item 5.02 regarding the departure of a Principal Accounting Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Brian Satenstein, Vice President, Controller, and Principal Accounting Officer, resigned effective June 26, 2020, to pursue another opportunity.
- Appointment: Manesh B. Dadlani was appointed as the new Vice President, Controller, and Principal Accounting Officer, effective upon Mr. Satenstein's departure.
Management Commentary and Compensation
Mr. Dadlani, 37, has served as Vice President & Assistant Corporate Controller since January 2019 and has been with the Company since November 2013. His prior experience includes roles at Ralph Lauren Corporation and KPMG LLP. His compensation package includes:
- Base Salary: $285,000 annually.
- Target Bonus: 40% of base salary, with potential payout ranging from 0% to 200% based on performance criteria.
- Equity: Eligible for an annual equity grant (stock options and/or restricted stock units) determined by the Human Resources Committee.
The filing states there are no family relationships between Mr. Dadlani and any director or executive officer, and he holds no material interest in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of the transition between the outgoing and incoming Principal Accounting Officers.
- Confirm the specific performance criteria for Mr. Dadlani's bonus and equity grants in subsequent filings or proxy statements.
- Monitor for any interim financial reporting delays or restatements that might arise from the leadership change in the accounting department.