Summary
Ross Stores, Inc. filed an 8-K on February 20, 2015, reporting the departure of Douglas Baker, President and Chief Merchandising Officer of dd's DISCOUNTS. His employment termination was effective January 31, 2015, and a Severance Agreement was finalized on February 17, 2015. The agreement outlines continued salary payments for Mr. Baker through March 31, 2017, at his annual rate of $960,000, along with potential annual bonuses. Additionally, he will receive accelerated vesting of restricted stock and performance share awards originally scheduled to vest in March 2015. The company also confirmed the continuation of non-compete and non-solicitation clauses for 24 months post-termination, with Mr. Baker providing a release of claims.
Key Highlights
- 1Douglas Baker, President and Chief Merchandising Officer of dd's DISCOUNTS, has departed Ross Stores, Inc.
- 2Mr. Baker's employment termination was effective January 31, 2015.
- 3A Severance Agreement was finalized on February 17, 2015.
- 4Mr. Baker will continue to receive his annual salary of $960,000 through March 31, 2017.
- 5Annual bonuses are also stipulated for Mr. Baker through March 31, 2017, subject to company performance.
- 6Mr. Baker will receive accelerated vesting of restricted stock and performance share awards.
- 7Non-compete and non-solicitation clauses remain in effect for 24 months following his termination.