Business Context and Reporting Period
This Form 8-K filing by Coach, Inc. (now Tapestry, Inc.) is dated August 20, 2016. The report addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of interim replacements.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on personnel changes and associated compensation adjustments.
Material Changes
- Departure: Jane Hamilton Nielsen resigned as Chief Financial Officer, effective August 20, 2016, following the filing of the fiscal 2016 Annual Report on Form 10-K.
- Appointment: Andrea Shaw Resnick was appointed as interim Chief Financial Officer, effective August 20, 2016. She continues in her role as Global Head of Investor Relations and Corporate Communications.
- Accounting Officer: Melinda Brown was appointed as the principal accounting officer, effective August 20, 2016.
Compensation and Management Commentary
In connection with her appointment as interim CFO, Andrea Shaw Resnick received the following compensation adjustments:
- Base Salary Increase: An additional $100,000 per quarter for each quarter served in the interim CFO role.
- Equity Grant: A grant of restricted stock units valued at $500,000.
The Board confirmed there are no family relationships between the appointees and other directors or officers, and no material interests in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the exact effective date of Jane Hamilton Nielsen's resignation (August 20, 2016).
- Confirm the interim nature of Andrea Shaw Resnick's CFO role and the duration of the salary increase.
- Review the value of the restricted stock units granted to Ms. Resnick ($500,000).
- Confirm the appointment of Melinda Brown as the new principal accounting officer.