LANDS' END, INC. appointed new CEO

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


On March 15, 2021, Lands' End, Inc. (the "Company") announced several changes in management responsibilities. 


Effective March 11, 2021, Jerome Griffith transitioned the role of President to James Gooch, and Mr. Griffith remains the Chief Executive Officer of the Company. Mr. Gooch was promoted to President and retained his role as Chief Financial Officer. In this capacity, Mr. Gooch will continue to report to Mr. Griffith.


In his expanded role, Mr. Gooch will have oversight of the Company's operating units of eCommerce, International, Outfitters, Third Party and Retail, with the heads of each operating unit reporting to him. In connection with the change in responsibility, Mr. Gooch transitioned oversight of the Company's distribution center operations to Peter L. Gray, under Mr. Gray's role as Chief Administrative Officer. 


In connection with the changes in responsibilities and as part of its annual compensation determinations, the Compensation Committee of the Board of Directors of the Company made the following increases to long-term incentive compensation (at target) for fiscal year 2021 and beyond (except as noted below and unless and until modified by the Compensation Committee) for the following named executive officers:


Name

Title


Previous

Long-Term Incentive (at target) as a Percentage of Base Salary


Revised

Long-Term Incentive (at target) as a Percentage of Base Salary


Jerome Griffith

Chief Executive Officer


220%


240%


James Gooch

President and Chief Financial Officer


100%


135%*


Peter L. Gray

Executive Vice President, Chief Administrative Officer and General Counsel


100%


110%


Chieh Tsai

Executive Vice President, Chief Product Officer


100%


110%


*Mr. Gooch's long-term incentive (at target) is expected to be set at 125% as a Percentage of Base Salary beginning in fiscal year 2022.


The information required by Items 401(b), (d), (e) and Item 404(a) of Regulation S-K and descriptions of agreements with the Company's named executive officers are incorporated by reference to our Annual Report on Form 10-K filed on March 23, 2020. 


The Compensation Committee also adopted a new form of Time-Based Restricted Stock Unit Agreement (the "Form RSU"), a new form of Performance-Based Restricted Stock Unit Agreement (the "Form PRSU") and a new form of Nonqualified Stock Option Agreement (the "Form Option"), each for use in connection with future grants of awards under the Company's Amended and Restated 2017 Stock Plan and successor plans. The Form RSU, the Form PRSU and Form Option are attached hereto as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein by reference.