Kontoor Brands Appoints New CFO, Details Compensation
Ticker: KTB · Form: 8-K · Filed: Mar 19, 2024 · CIK: 1760965
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
Related Tickers: KTB
TL;DR
Kontoor Brands names Michael Rourk new CFO, paying him $525k base + bonus + stock.
AI Summary
Kontoor Brands, Inc. announced on March 19, 2024, the appointment of Michael R. Rourk as Chief Financial Officer, effective March 18, 2024. Rourk will receive an annual base salary of $525,000 and will be eligible for an annual cash incentive award with a target of 100% of his base salary. He will also receive a one-time grant of 20,000 restricted stock units.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The disclosed compensation package provides insight into the company's investment in its executive team.
Risk Assessment
Risk Level: low — This filing is a routine executive appointment and compensation disclosure, with no immediate financial distress or significant strategic shifts indicated.
Key Numbers
- $525,000 — CFO Base Salary (Annual compensation for Michael Rourk)
- 100% — CFO Incentive Target (Target percentage of base salary for annual cash incentive)
- 20,000 — RSU Grant (One-time restricted stock unit grant to new CFO)
Key Players & Entities
- Kontoor Brands, Inc. (company) — Registrant
- Michael R. Rourk (person) — Newly appointed Chief Financial Officer
- $525,000 (dollar_amount) — Annual base salary for new CFO
- March 19, 2024 (date) — Date of report
- March 18, 2024 (date) — Effective date of CFO appointment
- 20,000 (dollar_amount) — Restricted stock units granted to new CFO
FAQ
What is Michael R. Rourk's annual base salary as the new CFO of Kontoor Brands?
Michael R. Rourk's annual base salary is $525,000.
When was Michael R. Rourk's appointment as CFO effective?
The appointment was effective March 18, 2024.
What is the target for Michael R. Rourk's annual cash incentive award?
The target for his annual cash incentive award is 100% of his base salary.
What is the value of the one-time equity grant to the new CFO?
He will receive a one-time grant of 20,000 restricted stock units.
What other items are disclosed in this 8-K filing besides the CFO appointment?
The filing also lists Item Information regarding Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers, and Financial Statements and Exhibits.
Filing Stats: 584 words · 2 min read · ~2 pages · Grade level 10.1 · Accepted 2024-03-19 16:15:49
Key Financial Figures
- $750,000 — s annual base salary was increased from $750,000 to $875,000. His annual cash incentive
- $875,000 — e salary was increased from $750,000 to $875,000. His annual cash incentive target was i
- $1,720,000 — centive target award was increased from $1,720,000 to $2,750,000. A copy of the press re
- $2,750,000 — award was increased from $1,720,000 to $2,750,000. A copy of the press release announci
Filing Documents
- ktb-20240319.htm (8-K) — 25KB
- ex991cooannouncement_22024.htm (EX-99.1) — 14KB
- imagea.jpg (GRAPHIC) — 6KB
- 0001760965-24-000023.txt ( ) — 173KB
- ktb-20240319.xsd (EX-101.SCH) — 2KB
- ktb-20240319_lab.xml (EX-101.LAB) — 21KB
- ktb-20240319_pre.xml (EX-101.PRE) — 13KB
- ktb-20240319_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release issued by Kontoor Brands, Inc., dated March 19, 2024. 104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
SIGNATURES
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 hereunto duly authorized. KONTOOR BRANDS, INC. Date: March 19, 2024 By: /s/ Thomas L. Doerr, Jr. Name: Thomas L. Doerr, Jr. Title: Executive Vice President, General Counsel & Secretary