Sally Beauty Holdings (SBH) CFO Flaherty Resigns
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Sally Beauty Holdings (NYSE: SBH) disclosed the following in a U.S. SEC filing on Thursday:
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointments of Certain Officers; Compensatory Arrangements of Certain Officers
On September 28, 2016, Mark J. Flaherty notified Sally Beauty Holdings, Inc. (the “Corporation”) that he is resigning from his position as Senior Vice President and Chief Financial Officer effective September 30, 2016 to pursue other interests. Mr. Flaherty’s resignation was not the result of any disagreement with the Corporation regarding its operations, policies, practices or otherwise.
The Corporation and Mr. Flaherty have entered into a separation agreement, pursuant to which Mr. Flaherty will continue to receive his base salary for fifteen months following his termination in exchange for his release of all potential claims against the Corporation. In addition, the Corporation will pay Mr. Flaherty’s cost for health insurance continuation under COBRA for a period of fifteen months. The foregoing description of Mr. Flaherty’s separation agreement is qualified in its entirety by reference to the full text of the separation agreement, a copy of which will be filed as an exhibit to the Corporation’s Form 10-K for the fiscal year ending September 30, 2016.
Janna Minton, age 65, the Corporation’s Group Vice President, Chief Accounting Officer and Controller, will serve as the Corporation’s interim principal financial officer, effective September 30, 2016, until such time as the Corporation appoints Mr. Flaherty’s successor. Ms. Minton has served as the Corporation’s Group Vice President, Chief Accounting Officer and Controller since October 2015. Ms. Minton served as the Corporation’s Vice President, Chief Accounting Officer and Controller from August 2008 to October 2015. Prior to joining the Corporation, Ms. Minton served as the Principal Accounting Officer and Controller of Tandy Brands Accessories, Inc., a designer, manufacturer and marketer of leather goods, from October 2007 to August 2008 and as their Corporate Controller from August 2002 to October 2007. Ms. Minton is a certified public accountant.
There is no arrangement or understanding with any executive officer of the Corporation pursuant to which Ms. Minton was appointed as interim principal financial officer. Ms. Minton has no family relationship with any of the Corporation’s directors or executive officers. There are no transactions or relationships between the Company and Ms. Minton that are reportable under Item 404(a).
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