FTD Companies, Inc. (NASDAQ:FTD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff
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FTD Companies, Inc. (NASDAQ:FTD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously announced, Christopher W. Shean, one of the Directors of FTD Companies, Inc. (“FTD” or the “Company”), was appointed interim President and Chief Executive Officer of the Company. Mr. Shean succeeds Robert S. Apatoff, who stepped down from these positions and from the FTD Board of Directors.

In connection with these leadership changes, the Company also created an Office of the Chief Executive Officer (the “Office”), comprised of Becky A. Sheehan, Executive Vice President and Chief Financial Officer, Helen Quinn, Executive Vice President, U.S. Consumer Floral, and Scott D. Levin, Executive Vice President, General Counsel and Secretary, all of whom report directly to Mr. Shean.

On November 10, 2016, the Compensation Committee of the FTD Board of Directors (the “Compensation Committee”) approved certain compensation to be payable to members of the Office in respect of their related additional duties. For service with the Office, Ms. Sheehan and Mr. Levin will each be entitled to receive compensation of up to $240,000 and Ms. Quinn will be entitled to receive compensation of up to $120,000, in each case payable in cash on May 1, 2017, subject to satisfaction of certain performance objectives. The Compensation Committee will determine if the performance objectives have been satisfied. Such compensation will be in addition to compensation due to the members of the Office under their existing compensation arrangements. The performance objectives relate to the provision by the members of the Office of (1) recommendations and support to the interim President and Chief Executive Officer with respect to operational initiatives, strategic planning matters and other specified Company-wide initiatives, (2) leadership and direction to the Company’s executive leadership team with respect to such matters and (3) support to ensure an orderly transition from interim to permanent Chief Executive Officer once a permanent Chief Executive Officer is appointed. 


About FTD Companies, Inc. (NASDAQ:FTD)

FTD Companies, Inc. (FTD) is a floral and gifting company. The Company operates through four segments: Consumer, Florist, International and Provide Commerce. Through its Consumer segment, FTD is a direct marketer of floral and gift products for consumers, primarily in the United States and Canada. Through its Florist segment, it is a provider of products and services to its floral network members, which include traditional retail florists and other non-florist retail locations. Its International segment consists of Interflora, which operates primarily in the United Kingdom and the Republic of Ireland. Through its Provide Commerce segment, FTD is a direct marketer of floral and gift products, including specialty foods, personalized gifts and other gifting products for consumers. Its portfolio of brands includes ProFlowers, ProPlants, Shari’s Berries, Personal Creations, RedEnvelope, Cherry Moon Farms, Flying Flowers, Flowers Direct, Sesame, Ink Cards, Postagram, and Gifts.com.

FTD Companies, Inc. (NASDAQ:FTD) Recent Trading Information

FTD Companies, Inc. (NASDAQ:FTD) closed its last trading session down -0.25 at 21.39 with – shares trading hands.