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Kohl's Chief Merchandising Officer Resigns

Wednesday March 26th, 2014 - 1:11PM

Kohl’s Chief Merchandising Officer Donald A. Brennan has resigned from his position effective as April 1, 2014. According to a Kohl’s SEC filing, Brennan and the company entered into an agreement relating to his separation, which provides for a one-time severance payment equal to 2.9 times his current annual salary plus the average of the three most recent annual incentive compensation plan payments paid to him. In addition Brennan will receive a bonus on or before March 15, 2015, based on the company’s fiscal 2014 financial performance in an amount equal to 17% of the bonus that he would have received had he been employed by the company at the end of Kohl’s fiscal year 2014. Brennan will also receive all equity incentive awards previously granted, in accordance with the terms of the employment agreement and the various equity award agreements between Brennan and Kohl’s.