UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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On March 25, 2022, Oxford Industries, Inc. (the “Company”) announced the promotion of its Executive Vice President and Chief Financial Officer, K. Scott Grassmyer, to the additional role of Chief Operating Officer.
Mr. Grassmyer, age 61, served as the Company’s Executive Vice President and Chief Financial Officer from 2014 until this most recent promotion to Executive Vice President, Chief Financial Officer and Chief Operating Officer. In connection with its annual evaluation of the compensation of the Company’s executive officers, the Company’s Nominating, Compensation & Governance Committee approved the following compensation for Mr. Grassmyer for 2022: a base salary of $470,000, effective March 20, 2022; a target bonus of 60% of base salary based on the Company’s financial performance during the fiscal year ending January 28, 2023; a service-based equity award of 2,700 restricted share units which will vest on May 30, 2025; and a performance-based equity award with a target payout of 6,300 restricted share units based on the Company’s relative TSR during the three year period from May 2, 2022 to May 2, 2025.
On March 25, 2022, the Company issued a press release announcing Mr. Grassmyer’s promotion, a copy of which is attached hereto as Exhibit 99.1 and incorporated in this Item 7.01 by reference.
As provided in General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
(d) Exhibits.
| Exhibit Number | ||
| 99.1 | Press Release of Oxford Industries, Inc., dated March 25, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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.
| Oxford Industries, Inc. | ||
| Date: March 25, 2022 | By: | /s/ Suraj A. Palakshappa |
| Suraj A. Palakshappa | ||
| Vice President-Law, General Counsel and Secretary | ||
EXHIBIT 99.1
Oxford Industries Announces Promotion of Scott Grassmyer to Executive Vice President, Chief Financial Officer and Chief Operating Officer
ATLANTA, March 25, 2022 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced that Scott Grassmyer, the Company’s Executive Vice President and Chief Financial Officer, has been promoted to the additional role of Chief Operating Officer.
Thomas C. Chubb III, Chairman and Chief Executive Officer, commented, “Since joining our company in 2002, Scott has been instrumental in our evolution from a private label wholesaler of apparel products to becoming what we are today, a portfolio of powerful lifestyle brands. He played a key role in our acquisitions and integrations of Tommy Bahama, Lilly Pulitzer, Southern Tide and The Beaufort Bonnet Company. Throughout his tenure, Scott has provided significant leadership and direction to our businesses in delivering long-term value to our shareholders. While Scott will continue to oversee the traditional CFO responsibilities relating to finance, this promotion to the additional role of COO includes expanding his work with me and the leadership of our five brands to maximize financial and operating efficiencies across the organization.”
Mr. Grassmyer is a Certified Public Accountant with over 30 years of financial experience in both the public accounting and industry sectors. He began his career with Ernst & Young, LLC and subsequently joined Duck Head Apparel Company, Inc., an unaffiliated, publicly-traded apparel wholesaler and retailer, in 1990. Prior to joining the Company as Controller in 2002, Mr. Grassmyer was Duck Head's Senior Vice President and Chief Financial Officer. Mr. Grassmyer holds a Bachelor of Science degree in accounting from Appalachian State University and attended the Clemson University MBA program.
About Oxford
Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer®, Southern Tide®, The Beaufort Bonnet Company® and Duck Head® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com.
| Contact: | Jevon Strasser |
| E-mail: | InvestorRelations@oxfordinc.com |