8-KLeadership ChangesExhibits & Filings

Burlington Stores, Inc. 8-K Report, Executive Changes (Jul 15, 2021)

Filed July 15, 2021For Securities:BURL

Summary

Burlington Stores, Inc. (BURL) announced a significant leadership change via an 8-K filing on July 15, 2021, reporting the appointment of Travis Marquette as President and Chief Operating Officer. Mr. Marquette's tenure is expected to begin by October 31, 2021. This appointment is noteworthy due to Mr. Marquette's extensive experience, including nearly fourteen years in the off-price retail sector and most recently serving as Executive Vice President and Chief Financial Officer at Ross Stores, Inc. His responsibilities at Burlington will encompass stores, real estate, supply chain, and information technology, indicating a strategic move to bolster operational leadership. The associated employment agreement details a substantial compensation package designed to attract Mr. Marquette, including a $900,000 base salary, significant annual and long-term incentive opportunities, a $2 million cash sign-on bonus, and a $6 million long-term incentive grant. These 'make-whole' provisions aim to compensate for forfeited compensation from his previous role, signaling the company's strong interest in securing his expertise to drive future performance and strategic initiatives within its operational framework.

Key Highlights

  • 1Appointment of Travis Marquette as President and Chief Operating Officer, effective no later than October 31, 2021.
  • 2Mr. Marquette brings nearly 14 years of off-price retail experience, including recent senior financial and operational roles at Ross Stores, Inc.
  • 3He will oversee key operational areas including stores, real estate, supply chain, and IT.
  • 4Mr. Marquette's compensation includes a $900,000 annual base salary.
  • 5A significant sign-on bonus of $2,000,000 is included in his employment package.
  • 6A substantial long-term incentive grant valued at $6,000,000 is awarded, with vesting over three years and accelerated vesting provisions.
  • 7The employment agreement also details annual incentive participation, pro-rated bonus for fiscal 2021, and severance arrangements.

Frequently Asked Questions

Travis Marquette has been appointed as Burlington Stores' new President and Chief Operating Officer. He has extensive experience in the off-price retail sector, with nearly 14 years at Ross Stores, Inc. where he held various senior roles including Executive Vice President and Chief Financial Officer. His background also includes experience with Bain & Company, Carter's Inc., and PricewaterhouseCoopers.

As President and Chief Operating Officer, Mr. Marquette will be responsible for overseeing and managing critical aspects of Burlington's operations, including its stores, real estate, supply chain, and information technology functions.

Mr. Marquette's compensation includes an annual base salary of $900,000, participation in annual and long-term incentive programs, a $2,000,000 cash sign-on bonus (Make-Whole Bonus), and a $6,000,000 one-time long-term incentive grant (Make-Whole Grant). The bonuses and grants are intended to compensate him for forfeited compensation from his prior employer.

Mr. Marquette is expected to commence employment with Burlington Stores on or about October 4, 2021, and in any event, no later than October 31, 2021.