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Posted 26 March, 2024

VINCE HOLDING CORP. appointed David Stefko as new CEO

NYSE:VNCE appointed new Chief Executive Officer David Stefko in a 8-K filed on 26 March, 2024.


  On March 26, 2024, the Board appointed David Stefko as interim Chief Executive Officer, effective as of March 26, 2024, until a permanent Chief Executive Officer is appointed.  

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Overview of VINCE HOLDING CORP.
Retail/Wholesale • Clothing Retail
Vince Holding Corp. engages in the manufacture, design, and sale of luxury apparel and accessories. It operates through the following segments: Wholesale, Direct-to-Consumer, and Rebecca Taylor and Parker. The Wholesale segment deals with the sale of products to premier department stores and specialty stores in the U.S. and in selected international markets. The Direct-to-Consumer segment includes retail and outlet stores and its e-commerce business. The company was founded by Rea Laccone and Christopher LaPolice in 2002 and is headquartered in New York, NY.
Market Cap
$39.4M
View Company Details
VINCE HOLDING CORP. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 26, 2024, Jonathan "Jack" Schwefel resigned as Chief Executive Officer of Vince Holding Corp. (the "Company") and as a member of the Company's Board of Directors (the "Board"), effective as of March 26, 2024. In connection with Mr. Schwefel's resignation, the Company entered into a separation agreement and release under which Mr. Schwefel agreed to a general release of claims in favor of the Company. In exchange, Mr. Schwefel will receive his annual base salary as in effect on the date of his departure for four months (reduced by base salary and guaranteed incentive compensation from subsequent full-time employment obtained during such period). All payments to Mr. Schwefel shall be made in accordance with the Company's normal payroll practices.


On March 26, 2024, the Board appointed David Stefko as interim Chief Executive Officer, effective as of March 26, 2024, until a permanent Chief Executive Officer is appointed. The Board intends to immediately commence a search to hire a permanent Chief Executive Officer. Mr. Stefko, age 67, who currently serves as a member of the Board, joined the Board in June 2023 and will continue to serve on the Board during this time. From September 2015 until February 2023, Mr. Stefko served as Executive Vice President, Chief Financial Officer of the Company and additionally, from August 2020 to March 2021, Mr. Stefko served as Interim Chief Executive Officer of the Company. Prior to joining the Company, Mr. Stefko served as Group Chief Financial Officer at Sun Capital from September 2011. Mr. Stefko has over 30 years of senior finance and executive management experience. 


There are no family relationships between Mr. Stefko and any director, executive officer or nominees thereof of the Company. There are no related party transactions between the Company and Mr. Stefko that would require disclosure under Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.


In connection with the appointment of Mr. Stefko as its Interim Chief Executive Officer, the Company entered into an employment agreement with Mr. Stefko. The agreement provides for "at will" employment with a monthly salary of approximately $67,000. While serving as Interim Chief Executive Officer, Mr. Stefko shall not receive compensation for his service as a director other than reimbursement for all reasonable out-of-pocket expenses incurred in connection with his service as a member of the Board.