Capri Holdings Limited filed SEC Form 8-K: Leadership Update, Other Events, Financial Statements and Exhibits
$CPRI
Apparel
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 26, 2024
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On November 26, 2024, Capri Holdings Limited (the “Company”) announced that Cedric Wilmotte, Chief Executive Officer of Michael Kors, will be leaving the Company effective as of that same date (the “Separation Date”). Mr. Wilmotte is expected to remain on a paid garden leave with benefits from the Separation Date through March 29, 2025 (the “Garden Leave Period”). During the Garden Leave Period, Mr. Wilmotte will be available as needed to answer questions and provide transition services.
In connection with his separation from the Company, and provided that he timely executes (and does not revoke) a separation and release agreement and complies with certain post-employment restrictive covenants, Mr. Wilmotte will receive (i) pursuant to the terms of his employment agreement, continuation of his base salary ($1,000,000) and medical, dental and insurance benefits for a one (1) year period commencing on March 30, 2025, which amounts shall be payable in substantially equal installments in accordance with the normal payroll practices of Michael Kors (USA), Inc., plus his target annual cash incentive payment ($1,000,000) for the fiscal year ending March 29, 2025 (“Fiscal 2025”), which shall be paid in a lump sum at the same time as the Fiscal 2025 annual cash incentive is paid to similarly situated executives in June 2025 and (ii) a cash payment in the amount of $500,000 payable in two lump sum installments, with 50% (or $250,000) to be paid as soon as administratively feasible following the effective date of his separation and release agreement, and 50% (or $250,000) to be paid at the same time the Fiscal 2025 annual cash incentive is paid in June 2025 ((i) and (ii) collectively are hereinafter referred to as, the “Separation Payments”). The Separation Payments will be made less applicable tax withholdings and other payroll deductions.
ITEM 8.01 OTHER EVENTS.
On November 26, 2024, the Company issued a press release concerning the departure of Mr. Wilmotte. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
Exhibit Number | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CAPRI HOLDINGS LIMITED | |||||||||||
Date: December 2, 2024 | |||||||||||
| By: | /s/ Krista A. McDonough | ||||||||||
| Name: | Krista A. McDonough | ||||||||||
| Title: | Senior Vice President, General Counsel & Chief Sustainability Officer | ||||||||||