8-K/ALeadership ChangesExhibits & Filings

Burlington Stores, Inc. 8-K/A Report, Executive Changes (Oct 15, 2019)

Filed October 15, 2019For Securities:BURL

Summary

Burlington Stores, Inc. (BURL) announced a significant leadership change in its finance department via an 8-K filing on October 15, 2019. John Crimmins, who had been serving as the interim Chief Financial Officer, has been officially appointed as the Executive Vice President and Chief Financial Officer, effective October 9, 2019. This permanent appointment signals stability and confidence in Mr. Crimmins' leadership within the finance function. In conjunction with his permanent role, Mr. Crimmins' compensation package has been enhanced. His base salary has been increased from $522,750 to $625,000, and his long-term equity incentive target has been raised from 125% to 150% of his base salary. These adjustments, retroactive to his interim appointment date, reflect the importance of the CFO role and the company's commitment to retaining key talent. Investors should view this as a positive sign, indicating that the company is securing experienced leadership for a critical financial position.

Key Highlights

  • 1John Crimmins officially appointed Executive Vice President and Chief Financial Officer, effective October 9, 2019.
  • 2Mr. Crimmins previously served as the interim Chief Financial Officer.
  • 3Base salary increased from $522,750 to $625,000.
  • 4Long-term equity incentive target increased from 125% to 150% of base salary.
  • 5Compensation increases are retroactive to the date of his interim CFO appointment.
  • 6The announcement was made via a press release on October 15, 2019, attached as an exhibit.
  • 7The filing confirms executive leadership stability in a key financial role.

Frequently Asked Questions

John Crimmins' official appointment as EVP and CFO brings stability to a critical executive role. Investors often view the permanent placement of a CFO, especially one who has successfully served on an interim basis, as a positive sign of leadership continuity and strategic direction.

The increase in Mr. Crimmins' base salary and long-term equity incentive target suggests that the company recognizes his value and is compensating him competitively for the responsibilities of the CFO role. This can be interpreted as an investment in retaining experienced financial leadership.

Yes, the compensation adjustments are retroactive to the date Mr. Crimmins began serving as interim CFO. This means he will receive the new, higher salary and incentive targets for the period he has already served in the interim capacity, reflecting the company's commitment to aligning his pay with his performance and the role's demands from the outset.

Besides the executive appointment and compensation details, the filing primarily serves to attach the press release announcing this news as an exhibit. It confirms the official date of the announcement and provides the content of that release.