Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Michele A. Bergerac, the President and a Director of the Company, has resigned as President and as a Director to pursue other interests, effective as of September 15, 2007.
Lawrence L. Spanley, Jr. announced his intention to retire as Chief Financial Officer at the end of January 2008, although he has agreed to remain with the Company following that date.
(c) Peter A. Edison, the current Chairman of the Board and Chief Executive Officer has assumed the title of President, effective as of September 15, 2007.
Mark D. Ianni, the current Executive Vice President General Merchandise Manager of the Company has assumed certain of Ms. Bergeracs responsibilities and has been promoted to be the Chief Merchandising Officer of the Company, effective as of September 15, 2007. Because of Mr. Iannis increased responsibilities, his base salary will be increased to $270,000.00 per year.
Joseph R. Vander Pluym, the current Executive Vice President Stores of the Company has assumed certain of Ms. Bergeracs responsibilities and has been promoted to be the Chief Operations Officer of the Company, effective as of September 15, 2007. Because of Mr. Vander Pluyms increased responsibilities, his base salary will be increased to $270,000.00 per year.
None of Mr. Edison, Mr. Ianni or Mr. Vander Pluym has family relationships or related-party transactions that are required to be disclosed. The additional information required by Items 401(b) and (d) for these executives is disclosed in and incorporated herein by reference from pages 39-40 of the Companys Annual Report on Form 10-K for the year ending February 3, 2007.
Charles R. Daniel III, 49, will assume the duties of the principal financial officer, effective upon Mr. Spanleys retirement in January 2008. Mr. Daniel has served as Controller for the Company since February 2004. Prior to that, Mr. Daniel worked for the accounting firm of Stone Carlie. Mr. Daniel does not have any family relationships or related-party transactions that are required to be disclosed.
(e) The Company is negotiating the terms of a severance agreement with Ms. Bergerac.
The information contained in Item 5.02(c) relating to Mr. Iannis and Mr. Vander Pluyms increased compensation is incorporated herein by reference.
Mr. Spanley's employment agreement will be amended to cover his continued service to the Company following his retirement as Chief Financial Officer.