Carsten Fischer has been named to the board of Kate Spade & Co., bringing the number of directors to 11. His initial term is effective immediately and will expire at the company’s 2017 annual shareholders’ meeting next spring.
In 2015, Fischer was named to the board of Seiko Holdings Co. Ltd. where he is a senior adviser for global branding for the global watch and electronics firm. Before that, he held various senior executive roles at Shiseido Co. Ltd. and Procter & Gamble Co. At Shiseido, he was representative director, corporate senior executive office, responsible for strategic channel expansion and globalization. Earlier, he was president of professional care and corporate officer at P&G. He has also served as the executive vice president of global marketing at Wella AG and president and chief executive officer of Wella AG Japan Ltd., divisions of P&G. He has also held a leadership role at Henkel AG & Co. in Asia.
“Carsten brings deep industry insight and global experience to our board and will offer important perspective as the company continues to execute its expansion strategy,” said Nancy Karch, chairman of Kate Spade & Co.
In a subsequent regulatory filing with the Securities and Exchange Commission, the company disclosed that he will received a $75,824 retainer, including $50,549 payable in the form of shares of the company’s common stock. The amount represents the pro rated portion of the $150,000 annual retainer under the director program, based on the number of months remaining in the fiscal year 2016, $1,000 for each board meeting and committee meeting attended, a $6,000 allowance for the purchase of company products and reimbursement for out-of-pocket travel expenses incurred in connection with attendance at both board and committee meetings.