8-KLeadership ChangesRegulation FDExhibits & Filings

Burlington Stores, Inc. 8-K Report, Executive Changes (Jan 14, 2015)

Filed January 14, 2015For Securities:BURL

Summary

Burlington Stores, Inc. (BURL) filed an 8-K on January 14, 2015, primarily to report significant changes in its executive leadership. The report details the resignation and retirement of Todd Weyhrich as Executive Vice President and Chief Financial Officer (CFO), effective January 8, 2015. This marks a transition in a key financial role for the company. In conjunction with Mr. Weyhrich's departure, Burlington Stores announced the appointment of Marc Katz as the new Executive Vice President and CFO, effective January 12, 2015. Mr. Katz brings extensive experience within the company, having previously held senior roles in Merchandising Support, Information Technology, Merchandise Planning, and as Chief Accounting Officer since joining in 2008. His appointment includes a grant of 10,000 shares of restricted common stock, subject to vesting conditions.

Key Highlights

  • 1Resignation of Todd Weyhrich as EVP and CFO, effective January 8, 2015.
  • 2Appointment of Marc Katz as EVP and CFO, effective January 12, 2015.
  • 3Marc Katz has a deep understanding of Burlington Stores, Inc., having served in various senior capacities since 2008.
  • 4Mr. Katz's compensation package includes a grant of 10,000 restricted shares of common stock, vesting in three years.
  • 5The company issued press releases on January 9, 2015, to announce these executive changes.
  • 6Additionally, a separate press release on January 9, 2015, provided an update to the company's financial guidance for the fourth quarter and fiscal year ending January 31, 2015.

Frequently Asked Questions

The 8-K filing states that Todd Weyhrich resigned and retired from his position as Executive Vice President and Chief Financial Officer, effective January 8, 2015. The filing does not provide specific reasons for his departure, only that it was a resignation and retirement.

Marc Katz has a strong history with Burlington Stores, Inc., having been with the company since July 2008. Prior to his CFO appointment, he served as Executive Vice President, Merchandising Support and Information Technology (since April 2011), Executive Vice President of Merchandise Planning and Allocation (December 2009 - April 2011), and Executive Vice President and Chief Accounting Officer (July 2008 - December 2009).

Marc Katz was appointed Executive Vice President and CFO, effective January 12, 2015. In connection with this appointment, he was granted 10,000 shares of restricted common stock, which are subject to vesting on the third anniversary of the grant date, contingent upon his continued employment through that date. His employment is governed by his existing employment agreement.

Yes, the 8-K filing references a press release issued on January 9, 2015, which updated the company's previously provided guidance for the fourth quarter and fiscal year ending January 31, 2015. Investors should refer to Exhibit 99.2 of the filing for details on this guidance update.