Business Context and Reporting Period
This Form 8-K is a current report filed by Coach, Inc. (noted as TAPESTRY, INC. in metadata) on October 7, 2011. The report discloses a specific corporate governance event regarding the departure of a senior officer and the subsequent engagement of that individual as a consultant.
Key Financial Metrics
The filing does not contain standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to a specific executive compensation arrangement:
- Consulting Fee Rate: $5,000 per day.
- Total Fee Cap: $50,000.
- Expense Reimbursement: Reasonable expenses to be reimbursed.
Material Changes
The material change reported is the transition of Michael F. Devine, III from the role of Executive Vice President and Chief Financial Officer to a consultant. The company entered into a consulting agreement effective October 7, 2011, with a term not to exceed six months (ending no later than March 31, 2012).
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, market outlook, or general risk factors. The primary contingency noted is the limited-term nature of the consulting agreement, which is structured on an "as-needed, day-to-day basis."
Key Facts for Investor Verification
- Michael F. Devine, III is no longer serving as the Company's Chief Financial Officer.
- The Company has retained Mr. Devine as a consultant for a maximum of six months.
- The total financial liability for this specific agreement is capped at $50,000 plus expenses.
- The filing does not provide information on who has assumed the duties of the Chief Financial Officer.