Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Tapestry, Inc. (the "Company") announced on April 20, 2020 that, due to the
economic impacts of the COVID-19 global pandemic, the base salaries of the
Company's Chairman & Chief Executive Officer, Chief Financial Officer and other
Named Executive Officers, as named in the Company's fiscal year 2019 proxy
statement, will be temporarily reduced, effective June 28, 2020 (the first day
of the Company's fiscal year 2021). Such reductions are expected to last up to
the end of that fiscal year. The base salary of Jide Zeitlin, Chairman and Chief
Executive Officer, will be reduced by 50%; the salaries of Joanne Crevoiserat,
Chief Financial Officer, Todd Kahn, President, Chief Administrative Officer &
Secretary and Josh Schulman, outgoing Chief Executive Officer and Brand
President, Coach, will each be reduced 20%, respectively; and the base salary of
Andrea Resnick, Global Head of Investor Relations and Corporate Communications
and former Interim Chief Financial Officer will be reduced 15%. In addition, the
base salaries of all North America corporate employees above a certain salary
threshold will be reduced by 5% to 20%, depending on salary level, effective
June 28, 2020 through up to the end of fiscal year 2021.
Item 7.01 Regulation FD Disclosure.
On April 20, 2020, Tapestry, Inc. (the "Company") issued a press release. A copy
of the press release is attached hereto as Exhibit 99.1 and incorporated herein
by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is
being furnished to the Securities and Exchange Commission and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934
(the "Exchange Act") or otherwise subject to liability under that section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
99.1 Text of Press Release, dated April 20, 2020
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