Troubled jewelry chain Zale Corp. has agreed to payments and benefits for its ousted chief executive officer and chief stores officer.
The Dallas-based firm disclosed in a regulatory filing with the Securities and Exchange Commission that Neal Goldberg, whoserved as ceo for two years before his departure on Jan. 13, immediately will receive a lump-sum payment of $500,000 in addition to a single payment of $100,000 in August. Vested stock options will remain exercisable for 90 days after his exit from the company, and Zale will continue to cover his medical insurance for one year if he isn’t eligible for insurance from a new employer.
William Acevedo, former chief stores officer of the company, will receive a lump-sum payment of $337,500 as well as one year of medical insurance coverage.
In addition, WWD has learned that David Sternblitz, vice president and treasurer, has left the company. Steve Massanelli, senior vice president, will assume his responsibilities as treasurer. Matt Appel continues as executive vice president and chief financial officer.
In the January shake-up, which ended Goldberg and Acevedo’s tenures, Mary Kwan, executive vice president and chief merchandising officer, departed after a 17-month tenure, and Theo Killion, president of the Zale, took the additional post of interim ceo.
Details of Kwan’s separation weren’t included in the SEC filing because she wasn’t an executive officer of the firm, a spokesman said.
Last week, Zale said it had hired investment banking firm Peter J. Solomon Co. to advise it on restructuring options. The company, which had $24 million in cash and $465.5 million in long-term debt on its balance sheet as of Oct. 31, reported a net loss of $57.6 million in its fiscal first quarter and saw its same-store sales contract 12 percent during November and December.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)