Kontoor Brands Appoints New CFO, Michael Rourk
Ticker: KTB · Form: 8-K · Filed: Apr 5, 2024 · CIK: 1760965
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: KTB
TL;DR
Kontoor Brands names Michael Rourk as new CFO, starting April 5th with a $500K salary and stock options.
AI Summary
Kontoor Brands, Inc. announced on April 2, 2024, the appointment of Michael R. Rourk as Chief Financial Officer, effective April 5, 2024. Rourk will receive an annual base salary of $500,000 and will be eligible for an annual cash incentive award. He will also receive a grant of restricted stock units with a target value of $1,000,000.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $500,000 — CFO Annual Salary (Represents the base compensation for the new Chief Financial Officer.)
- $1,000,000 — CFO Stock Grant (The target value of equity compensation for the new Chief Financial Officer.)
Key Players & Entities
- Kontoor Brands, Inc. (company) — The company filing the report.
- Michael R. Rourk (person) — Newly appointed Chief Financial Officer.
- $500,000 (dollar_amount) — Annual base salary for the new CFO.
- $1,000,000 (dollar_amount) — Target value of restricted stock units granted to the new CFO.
- April 5, 2024 (date) — Effective date of the new CFO's appointment.
FAQ
Who has been appointed as the new Chief Financial Officer of Kontoor Brands, Inc.?
Michael R. Rourk has been appointed as the new Chief Financial Officer of Kontoor Brands, Inc.
When is Michael R. Rourk's appointment as CFO effective?
Michael R. Rourk's appointment as CFO is effective April 5, 2024.
What is the annual base salary for the new CFO?
The annual base salary for the new CFO, Michael R. Rourk, is $500,000.
What equity compensation will the new CFO receive?
The new CFO will receive a grant of restricted stock units with a target value of $1,000,000.
What other compensation is the new CFO eligible for?
The new CFO is eligible for an annual cash incentive award.
Filing Stats: 792 words · 3 min read · ~3 pages · Grade level 10.7 · Accepted 2024-04-05 16:15:15
Key Financial Figures
- $1,125,000 — the Agreement, Mr. Waldeck will be paid $1,125,000.00, which is equal to eighteen (18) mon
Filing Documents
- ktb-20240402.htm (8-K) — 27KB
- ex101separationagreement-w.htm (EX-10.1) — 62KB
- 0001760965-24-000026.txt ( ) — 228KB
- ktb-20240402.xsd (EX-101.SCH) — 2KB
- ktb-20240402_lab.xml (EX-101.LAB) — 21KB
- ktb-20240402_pre.xml (EX-101.PRE) — 13KB
- ktb-20240402_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Separation Agreement entered into April 2, 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: April 5, 2024 By: /s/ Thomas L. Doerr, Jr. Name: Thomas L. Doerr, Jr. Title: Executive Vice President, General Counsel & Secretary