8-KLeadership Changes

Burlington Stores, Inc. 8-K Report, Executive Changes (Dec 18, 2013)

Filed December 18, 2013For Securities:BURL

Summary

Burlington Stores, Inc. (BURL) announced a board expansion and the appointment of a new director, John Mahoney, effective December 13, 2013. The board size for Burlington Stores, Inc., Burlington Coat Factory Investments Holdings, Inc., and Burlington Coat Factory Warehouse Corporation was increased from six to seven members. Mr. Mahoney's appointment fills the newly created directorship on each of these boards and also includes his appointment as a member of the Audit Committee for each respective company. This filing details Mr. Mahoney's compensation, which includes an annual cash payment of $50,000 for his board service, an additional $10,000 annually for his role on the Audit Committee, and a restricted stock grant valued at $100,000. He will also be reimbursed for his expenses. This board refreshment and committee appointment suggests a potential focus on governance and financial oversight as the company navigates its operational landscape.

Key Highlights

  • 1Board size increased from six to seven directors for Burlington Stores, Inc. and its subsidiaries.
  • 2John Mahoney appointed to the board of directors for each of the Companies.
  • 3Mr. Mahoney appointed to the Audit Committee of each Company.
  • 4Annual cash compensation for board service: $50,000.
  • 5Annual cash compensation for Audit Committee service: $10,000.
  • 6Restricted stock grant valued at $100,000 awarded to Mr. Mahoney.
  • 7Reimbursement for reasonable expenses incurred in connection with board services.

Frequently Asked Questions

The company increased its board size to add a new independent director, John Mahoney, who also brings experience by being appointed to the Audit Committee.

Mr. Mahoney will receive $50,000 annually for board service, $10,000 annually for Audit Committee service, a $100,000 restricted stock grant, and reimbursement for expenses.

His appointment to the Audit Committee, a key governance body responsible for financial oversight, indicates a focus on strengthening financial reporting and internal controls.