Summary
This 8-K filing from Ross Stores, Inc. (ROST) announces a key leadership change within its merchandising division. Effective March 16, 2016, Bernard Brautigan has been appointed President, Merchandising for Ross Dress for Less. This promotion reflects Mr. Brautigan's extensive experience and tenure with the company, having held various significant merchandising roles since 2003, following a 20-year career at Macy's East. Investors should note that this appointment is accompanied by a new employment agreement detailing Mr. Brautigan's compensation, including a base salary of at least $1,090,000 and a target annual bonus of 90% of salary. The agreement also outlines terms for severance, benefits, and standard provisions such as non-competition and non-solicitation clauses. This move signifies continued investment in experienced leadership to drive the company's merchandising strategy.
Key Highlights
- 1Bernard Brautigan appointed President, Merchandising for Ross Dress for Less, effective March 16, 2016.
- 2Mr. Brautigan has a long history with Ross Stores, holding various merchandising leadership positions since 2003.
- 3New employment agreement sets initial term through March 31, 2020.
- 4Guaranteed annual salary of at least $1,090,000.
- 5Annual cash incentive bonus with a target of at least 90% of salary.
- 6Agreement includes standard provisions such as severance, change of control benefits, non-competition, and non-solicitation clauses.