KUNZ CASH: Gap Inc. will pay former chief financial officer Heidi Kunz a severance payment consisting of $606,300 in bonus and a year’s salary, according to a Form 8-K filed Tuesday with the Securities and Exchange Commission. Kunz announced her resignation Jan. 18. Gap paid Kunz an annual base salary of $550,000. Gap also said Kunz must repay the interest-free $2 million loan she received in January 2000 from Gap by Feb. 1, 2005, or immediately if she sells the property pledged to secure the loan or breaches any provision of her severance agreement. Kunz also agreed to immediately pay to Gap any proceeds, against the outstanding loan balance, from the sale of any Gap stock options or stock.
This story first appeared in the February 12, 2003 issue of WWD. Subscribe Today.
VC’S NEW GC: Julia Davis has joined Value City Department Stores Inc. in the new post of executive vice president and general counsel, reporting to John Rossler, president and chief executive officer. Davis had worked closely with Value City for 10 years while a partner at the law firm of Vorys, Sater, Seymour and Pease.
FOOD CHAIN: Groupe Galeries Lafayette said Monday that it had reached an agreement with France’s Casino supermarket chain extending their joint ownership in Monoprix until 2006. Their previous agreement was set to expire in June. In 2006, Galeries Lafayette will hold an option to sell its 50 percent stake in the French supermarket chain to Casino. “In this uncertain, environment, this agreement provides Galeries Lafayette with necessary financial resources and decision-making flexibility,” said co-chairmen Philippe Houze and Philippe Lemonie in a statement. The agreement also stipulates that Casino can increase its Monoprix stake another 10 percent after April 1, 2009. Galeries Lafayette sold half of Monoprix to Casino in May 2000.