The filing noted that McComb will receive cash payments totaling $6.5 million, representing two times his base salary and target bonus. He will also receive continued medical, long-term disability and life insurance coverage for two years from his separation date. McComb will be eligible to receive an annual incentive bonus based on actual performance in 2014, prorated and subject to terms of the company’s cash bonus plan. In addition, the board agreed to nonaccelerated continued vesting of the unvested stock options on the original schedule on various future dates in 2014, 2015 and 2016. They are:
• 187,500 options granted on March 1, 2011, with an exercise price of $4.97.
• 187,500 options granted as of Sept. 1, 2011, with an exercise price of $5.05.
• 281,250 options granted as of March 1, 2012, with an exercise price of $11.10.
• 198,750 options granted on June 3, 2013, with an exercise price of $21.20.
As reported, Craig Leavitt, ceo of Kate Spade, will succeed McComb as ceo of the newly named Kate Spade & Co. Deborah Lloyd will be chief creative officer of the renamed company, and George Carrara, currently executive vice president, chief operating officer and chief financial officer of F&P, will become president and chief operating officer of the renamed company. The change of name and management changes are effective following the release of fourth-quarter earnings on Feb. 25.
As a result of the management transition, F&P estimates it will take onetime noncash severance charges of $16.5 million and cash severance charges of $6.5 million in the first quarter of 2014.
The filing noted that the initial term of Leavitt and Lloyd’s new roles will begin on the position start date and will end on Dec. 31, 2014. It will automatically renew for successive one-year periods unless the company or the executive delivers a notice of nonrenewal at least 180 days before the next automatic extension.
Leavitt will receive a base salary of $1.5 million, and Lloyd will receive $1.9 million. In addition, Leavitt will receive a target annual cash bonus opportunity equal to 150 percent of base salary, while Lloyd will have a bonus opportunity of 175 percent of base salary, with a maximum opportunity equal to 200 percent of the target opportunity. The agreement also calls for an annual long-term incentive award having a total target and/or grant date value of no less than $5 million for Leavitt and $3.275 million for Lloyd, among other incentives. Carrara’s compensation hasn’t been finalized yet.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)