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MarketScreener Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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TAPESTRY, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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12/07/2017 | 12:47pm CEST

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On December 5, 2017, the Board of Directors (the "Board") of Tapestry, Inc. ("Tapestry" or the "Company") increased the size of the Board to 10 members and elected each of Doreen Toben and Anne Gates as a director of the Company, effective as of December 5, 2017.

In connection with each of Ms. Toben's and Ms. Gates' appointment to the Board and in accordance with the Company's standard compensation arrangements for non-employee directors, each of Ms. Toben and Ms. Gates will be entitled to an annual cash retainer of $90,000 as well as an annual equity grant with a grant date fair market value of $150,000 made on the date of Tapestry's annual meeting of stockholders, with 50% of the value of the award made in the form of stock options and 50% made in the form of restricted stock units. These equity awards will vest in full one year from the date of grant, subject to the director's continued service until that time. In addition, each of Ms. Toben and Ms. Gates will be granted an initial Tapestry equity award with a grant date fair market value of $150,000 on December 5, 2017, with 50% of the value of the award made in the form of stock options and 50% made in the form of restricted stock units. These initial grants will vest on the one year anniversary of the grant date.

There are no arrangements or understandings between Ms. Toben or Ms. Gates and any other person pursuant to which she was selected as a director, and there have been no transactions since the beginning of the Company's last fiscal year, or are currently proposed, regarding Ms. Gates that are required to be disclosed by Item 404(a) of Regulation S-K.

Ms. Toben served as a director of Kate Spade from 2009 until Kate Spade was acquired by the Company on July 11, 2017 (the "Acquisition"). Pursuant to the terms of the Acquisition, deferred compensation units held by Kate Spade directors (including Ms. Toben) under the Kate Spade deferred compensation plan for directors were converted to cash at the merger price of $18.50 per share, and, along with any deferred cash compensation held in the plan, will be paid by the Company through fiscal year 2027. There are no performance or service conditions associated with these payments and they will not be impacted by Ms. Toben's position as a director on the Tapestry Board. The Company expects to pay Ms. Toben a total of approximately $1.6 million under this plan from fiscal year 2018 through fiscal year 2027. There have been no other transactions since the beginning of the Company's last fiscal year, or that are currently proposed, regarding Ms. Toben that are required to be disclosed by Item 404(a) of Regulation S-K.

A copy of the press release announcing the appointments is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

--------------------------------------------------------------------------------

99.1 Press Release, dated December 7, 2017

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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Financials ($)
Sales 2019 6 156 M
EBIT 2019 1 094 M
Net income 2019 808 M
Finance 2019 78,8 M
Yield 2019 3,07%
P/E ratio 2019 15,94
P/E ratio 2020 14,13
EV / Sales 2019 2,06x
EV / Sales 2020 1,88x
Capitalization 12 741 M
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 56,4 $
Spread / Average Target 28%
EPS Revisions
Managers
NameTitle
Victor Luís Chief Executive Officer & Director
Todd Kahn President, Secretary, CAO & General Counsel
Olajide James Zeitlin Chairman
Kevin G. Wills Chief Financial Officer
Michael Braine Chief Information Officer
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