DSW Inc. (NYSE:DSW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
joining the Company on May 1, 2017 as an Executive Vice President
and Chief Operating Officer of the Company.
specialty retailer (“Nordstrom”), where she held the role of Vice
President, Director of Rack Stores since 2012. From 2000 to 2012,
Ms. Love served as Nordstrom’s National Merchandise Director,
Salon/Designer Shoes. Ms. Love served in several leadership
capacities within store operations, merchandising, and customer
service at Nordstrom over the last 32 years, and holds a Bachelor
of Arts degree from the University of Wisconsin-Madison.
will receive an annual base salary of $650,000 and a cash signing
bonus of $800,000. $400,000 of the bonus will be paid by May 31,
2017, and the remaining $400,000 will be paid on February 23,
2018. She will be granted performance-based restricted stock with
a targeted future value of $350,000 and stock options with a
targeted future value of $350,000. The performance-based
restricted stock units will vest 50% on the third anniversary of
the grant date, subject to achievement of the Company’s fiscal
year 2017 operating income goal, and the stock options will vest
at 20% increments over five (5) years and will have a ten (10)
year life. Ms. Love will participate in the Annual Management
Incentive Plan with a target payout of 60% of her annual base
salary. Her incentive opportunity for fiscal year 2017 will be
pro-rated based on her hire date of May 1, 2017. She will also
receive benefits normally accorded exempt salaried associates and
relocation benefits. If Ms. Love voluntarily resigns within
thirty-six (36) months of her date of hire, she will be required
to repay the Company the cash signing bonus. If she voluntarily
resigns within thirty-six (36) months from the date of relocation
initiation, she will be required to reimburse the Company for any
relocation benefits provided to her.
Executive Appointments” is filed herewith as Exhibit 99.1.
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Exhibit Number
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Description
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99.1
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Press Release dated April 27, 2017
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About DSW Inc. (NYSE:DSW)
DSW Inc. is a footwear retailer. The Company offers assortment of shoes, handbags and accessories for women, men and children. The Company operates through two segments: the DSW segment and the Affiliated Business Group (ABG) segment. The DSW segment includes DSW stores and dsw.com. The Company, through its ABG segment, partners with approximately three other retailers to help build and optimize their footwear businesses. The Company operates over 470 DSW stores, dsw.com and shoe departments in approximately 280 Stein Mart stores and Steinmart.com, over 100 Gordmans stores and Gordmans.com, and approximately one Frugal Fannie’s store. Its DSW stores average approximately 21,000 square feet and carry over 21,500 pairs of shoes. In addition, it offers DSW Rewards program, through which members earn points towards certificates every time they purchase. DSW Inc. (NYSE:DSW) Recent Trading Information
DSW Inc. (NYSE:DSW) closed its last trading session down -0.03 at 20.93 with 1,324,057 shares trading hands.
