8-KLeadership ChangesExhibits & Filings

Burlington Stores, Inc. 8-K Report, Executive Changes (Jun 29, 2018)

Filed June 29, 2018For Securities:BURL

Summary

Burlington Stores, Inc. (BURL) filed a Form 8-K on June 29, 2018, to report a change in its Board of Directors. Tricia Patrick resigned from her position as a Class III director and member of the Audit Committee. Importantly, the company stated that Ms. Patrick's departure was not due to any disagreements regarding the company's operations, policies, or practices, which is a positive signal for investors concerned about internal discord. Concurrently, the Board elected Laura J. Sen to fill the vacancy left by Ms. Patrick. Ms. Sen will also serve as a Class III director and join the Audit Committee. She will be compensated according to the standard arrangements for independent, non-management directors. The company has confirmed there are no undisclosed arrangements or transactions requiring disclosure related to Ms. Sen's appointment, indicating a straightforward onboarding process for the new director.

Key Highlights

  • 1Tricia Patrick resigned from Burlington Stores' Board of Directors and its Audit Committee.
  • 2Ms. Patrick's resignation was not a result of any disagreements with the company.
  • 3Laura J. Sen was appointed to the Board of Directors as a Class III member.
  • 4Ms. Sen will fill the vacancy created by Ms. Patrick's departure.
  • 5Ms. Sen has also been appointed as a member of the Audit Committee.
  • 6Ms. Sen will receive compensation under the standard independent director compensation plan.
  • 7There are no undisclosed arrangements or transactions requiring disclosure concerning Ms. Sen's appointment.

Frequently Asked Questions

Tricia Patrick resigned from the Board of Directors and the Audit Committee on June 29, 2018. The filing explicitly states that her decision was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices.

Laura J. Sen has been elected by the Board of Directors to fill the vacancy created by Ms. Patrick's departure. Ms. Sen has been appointed as a Class III director and will also serve on the Audit Committee.

No, Ms. Sen will participate in the standard independent, non-management director compensation arrangements for fiscal 2018, as previously detailed in the company's proxy statement for its 2018 annual meeting of stockholders.

The filing indicates that there are no arrangements or understandings between Ms. Sen and any other persons regarding her selection as a director, and there are no transactions in which Ms. Sen has an interest requiring disclosure under Item 404(a) of Regulation S-K.