EXPRESS, INC. (NYSE:EXPR) 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.
The Board of Directors (the “Board”) of Express, Inc. (the “Company”) has appointed Matthew Moellering as Interim President and Interim Chief Executive Officer of the Company to succeed David Kornberg, effective as of January 22, 2019.
Effective as of January 22, 2019, Mr. Kornberg will no longer serve as Chief Executive Officer and President and has resigned as a member of the Board. His employment with the Company will terminate effective February 21, 2019. In connection with his employment termination, Mr. Kornberg will be entitled to the severance payments and benefits as set forth in his employment agreement for a termination without cause, as described in the Company’s definitive proxy statement on Schedule 14A filed on May 3, 2018 (the “Proxy Statement”).
Matthew Moellering, (age 52), will serve as Interim President and Interim Chief Executive Officer until a permanent President and Chief Executive Officer is appointed. Mr. Moellering has served as the Company’s Executive Vice President and Chief Operating Officer since September 2011 and will continue to serve as such during his tenure as Interim President and Interim Chief Executive Officer. Mr. Moellering served as the Company’s Executive Vice President, Chief Administrative Officer, Chief Financial Officer, Treasurer and Secretary from October 2009 to September 2011, Senior Vice President, Chief Financial Officer, Treasurer and Secretary from July 2007 to October 2009, and Vice President of Finance from September 2006 to July 2007. Prior to his service with the Company, Mr. Moellering served in various roles with Limited Brands (now known as L Brands) from February 2003 to September 2006, including Vice President of Financial Planning, and before that served in various roles with Procter & Gamble where he was employed from July 1995 until February 2003. Prior to that he served as an officer in the United States Army. In addition, Mr. Moellering serves on the board of directors of L.L. Bean, Inc., which is a privately held company.
Mr. Moellering is party to an employment agreement with the Company, as described in the Proxy Statement. His annual base salary will be increased to $1,117,000 during his tenure as Interim President and Interim Chief Executive Officer. His seasonal performance-based cash incentive compensation target will remain at 85% of annual base salary. There are no related-party transactions that would be required to be disclosed under Item 404(a) of Regulation S-K with respect to Mr. Moellering.
A copy of the press release the Company issued regarding this transition is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is furnished with this Form 8-K:
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Press release of Express, Inc., dated January 22, 2019 |
EXPRESS, INC. Exhibit
EX-99.1 2 pressrelease-january222019.htm PRESS RELEASE Exhibit EXPRESS,…
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About EXPRESS, INC. (NYSE:EXPR)
Express, Inc. is a specialty apparel and accessories retailer offering both women’s and men’s merchandise, targeting the 20 to 30 year old customer. The Company offers an assortment of fashionable apparel and accessories to address fashion needs across multiple aspects of lifestyles, including work, casual, jeans wear and going-out occasions. It operates through the operation of its brick-and-mortar retail and outlet stores, e-commerce operations and franchise operations segment. The Company sells its products through its e-commerce Website, www.express.com, and has franchise agreements with franchisees that operate Express locations in Latin America, the Middle East and South Africa. It operates approximately 650 stores across the United States, in Canada and in Puerto Rico, including over 80 factory outlet stores. It products are created by its in-house design team. The Company has a portfolio of products that have brand value, including the Editor pant and 1MX shirt.
