Staples (SPLS) President Wilson Resigns

September 30, 2016 8:36 AM EDT

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Staples (NASDAQ: SPLS) disclosed the following in a U.S. SEC filing on Friday:

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 27, 2016, Staples, Inc. (the "Company") and John Wilson, President, Staples International and Head of Global Transformation, mutually agreed that Mr. Wilson is leaving the Company effective as of October 31, 2016, and will receive his severance benefits pursuant to his severance agreement with the Company. In connection with Mr. Wilson's departure, on September 29, 2016 the Company and Mr. Wilson entered into a letter agreement (the "Letter Agreement") providing that Mr. Wilson will receive a contingent termination payment by March 31, 2017 equivalent to the amount he would have otherwise received under the Company’s Amended and Restated Executive Officer Incentive Plan (the “EOIP”) if he had remained employed through the end of fiscal year 2016, pro-rated to account for the time he was actually employed. Assuming the Company-wide performance objectives under the EOIP are achieved and at target levels, the amount of the termination payment would be equivalent to three-quarters of 85% of Mr. Wilson’s annual base salary, subject to the terms of the Letter Agreement. The Letter Agreement also provides that Mr. Wilson will receive a monthly housing allowance of Euro 12,500 per month plus reasonable utility expenses for the period beginning the day after his last day of employment and ending on February 28, 2017.

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