Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) OnJune 2, 2020 ,Brian Satenstein , Vice President, Controller and Principal Accounting Officer ofTapestry, Inc. (the "Company"), notified the Company that he is resigning from the Company to pursue another opportunity.Mr. Satenstein is expected to be employed by the Company throughJune 26, 2020 . (c) On June 8, 2020, the Board of Directors (the "Board") of the Company appointedManesh B. Dadlani , 37, the Company's current Vice President & Assistant Corporate Controller, as the Company's new Vice President, Controller and the Principal Accounting Officer of the Company, effective uponMr. Satenstein's departure from this role.Mr. Dadlani has served in his current position sinceJanuary 2019 . Prior to that,Mr. Dadlani served in various roles within the Company sinceNovember 2013 , including Regional Controller ofEurope from 2015-2016 and, subsequently, Senior Director ofSEC and Accounting Policy. From 2009 through 2013, he held various accounting positions at Ralph Lauren Corporation.Mr. Dadlani began his career atKPMG LLP in 2005 through 2009, and is a Certified Public Accountant.Mr. Dadlani's annual base salary is$285,000 , with a target bonus opportunity pursuant to Tapestry's Performance-Based Annual Incentive Plan equal to 40% of his base salary (with payment ranging from 0 - 200% of target subject to performance). The actual amount of this bonus will be based on Tapestry's attaining pre-set financial or other operating criteria determined by theHuman Resources Committee (the "Committee") of the Board in accordance with the terms of the Performance-Based Annual Incentive Plan. All of his salary and bonus are subject to his continued employment with the Company through the time that such salary and bonus would normally be paid.Mr. Dadlani is expected to receive an annual equity grant, which may be granted in a mix of different equity vehicles, which may include stock options and/or restricted stock units. The actual grant value and any such equity grant will be based on his position, performance, time in job and other criteria as the Committee determines, in its discretion.
There are no family relationships between
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