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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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07/10/2018 | 12:50pm CEST

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

(d) On July 10, 2018, the Board of Directors (the "Board") of Tapestry, Inc. ("Tapestry" or the "Company") increased the size of the Board to 11 members and elected Darrell Cavens as a director of the Company, effective as of July 10, 2018.

In connection with Mr. Cavens' appointment to the Board and in accordance with the Company's standard compensation arrangements for non-employee directors, Mr. Cavens 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 vest in full one year from the date of grant, subject to the director's continued service until that time. In addition, Mr. Cavens will be granted an initial Tapestry equity award with a grant date fair market value of $150,000 on July 10, 2018, 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 Mr. Cavens and any other person pursuant to which he 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 Mr. Cavens that are required to be disclosed by Item 404(a) of Regulation S-K.

A copy of the press release announcing the appointment 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 July 10, 2018

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

© Edgar Online, source Glimpses

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Financials ($)
Sales 2019 6 141 M
EBIT 2019 1 094 M
Net income 2019 810 M
Finance 2019 14,0 M
Yield 2019 2,63%
P/E ratio 2019 18,55
P/E ratio 2020 16,43
EV / Sales 2019 2,41x
EV / Sales 2020 2,21x
Capitalization 14 797 M
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 57,2 $
Spread / Average Target 11%
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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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