REGIS CORPORATION (NYSE:RGS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
REGIS CORPORATION (NYSE:RGS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 19, 2017, Regis Corporation (the “Company”) announced the appointment of Andrew H. Lacko as Executive Vice President and Chief Financial Officer, effective July 1, 2017. Mr. Lacko will replace Michael Pomeroy, who has served as Interim Chief Financial Officer since February 1, 2017.
Mr. Lacko, 47, currently serves as Senior Vice President, Global Financial Planning, Analysis and Corporate Development, of Hertz Global Holdings, Inc., a global care and equipment rental company, a position he has held since 2015. Prior to that, he served as Vice President, Financial Planning & Analysis of Hertz Global Holdings beginning in 2014. Before joining Hertz, Mr. Lacko served as Senior Director and Interim Head of Investor Relations from 2008 to 2011, and then Senior Director, eCommerce and Shared Services Financial Planning and Analysis from 2011 to 2013, at Best Buy Co., Inc., a consumer electronics retailer. Mr. Lacko previously held various financial leadership positions at Northwest Airlines and UnitedHealth Group. Mr. Lacko is not a party to any related party transactions with the Company, and there are no family relationships between Mr. Lacko and any director or executive officer of the Company.
The Compensation Committee has approved the material terms of the compensation for Mr. Lacko. He will be entitled to an annual base salary of $495,000, a target annual bonus opportunity of 60% of his annual base salary (with annual awards beginning in fiscal 2018), and annual target long-term incentives valued at $400,000 (with annual grants beginning in fiscal 2018). In addition, he will receive a sign-on bonus of $125,000, a sign-on equity award of restricted stock units valued at $350,000, reimbursement of moving expenses up to $50,000, and reimbursement of the real estate commissions in connection with the sale of his home of up to $50,000 if he sells his home within the first year of his employment with the Company.
Mr. Lacko’s initial restricted stock unit award will vest as to one-third of the shares on each of the first three anniversaries of the date of grant in accordance with the general terms of the restricted stock awards the Company grants to employees as part of their annual long-term incentive awards. The restricted stock units will be granted to the employment inducement exception of the NYSE rules.
About REGIS CORPORATION (NYSE:RGS)
Regis Corporation owns, franchises and operates beauty salons. The Company operates through three segments: North American Value, North American Premium and International. As of June 30, 2016, the Company’s North American Value salon operations consisted of 5,784 Company-owned salons and 2,496 franchised salons operating in the United States, Canada and Puerto Rico. As of June 30, 2016, the Company’s North American Premium salon operations consisted of 680 Company-owned salons operating in the United States, Canada, and Puerto Rico. As of June 30, 2016, the Company’s International operations consisted of 328 Company-owned salons in the United Kingdom. The services supplied by its salons include haircutting and styling, hair coloring and other services. As of June 30, 2016, it owned, franchised or held ownership interests in 9,483 locations around the world. The Company’s salons operate primarily under the trade names of SmartStyle, Supercuts, MasterCuts, Regis Salons and Cost Cutters.
Regis Corporation owns, franchises and operates beauty salons. The Company operates through three segments: North American Value, North American Premium and International. As of June 30, 2016, the Company’s North American Value salon operations consisted of 5,784 Company-owned salons and 2,496 franchised salons operating in the United States, Canada and Puerto Rico. As of June 30, 2016, the Company’s North American Premium salon operations consisted of 680 Company-owned salons operating in the United States, Canada, and Puerto Rico. As of June 30, 2016, the Company’s International operations consisted of 328 Company-owned salons in the United Kingdom. The services supplied by its salons include haircutting and styling, hair coloring and other services. As of June 30, 2016, it owned, franchised or held ownership interests in 9,483 locations around the world. The Company’s salons operate primarily under the trade names of SmartStyle, Supercuts, MasterCuts, Regis Salons and Cost Cutters.
