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Posted 23 December, 2021

REGIS CORP appointed Matthew Doctor as new CEO

NYSE:RGS appointed new Chief Executive Officer Matthew Doctor in a 8-K filed on 23 December, 2021.


  Upon receiving such notice, the Board appointed Matthew Doctor, the Company's Executive Vice President and Chief Strategy Officer, to serve as Interim Chief Executive Officer effective December 23, 2021, after which Mr. Athayde will remain an employee and on the Board until March 19, 2022.  

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Overview of REGIS CORP
Business/Consumer Services • Consumer Services
Regis Corp. engages in the provision of ownership, franchise, and operation of beauty salons. It operates through the Company-Owned Salons and Franchise Salons segments. It also sells hair care and other beauty products. Its brands include Supercuts, SmartStyle Hair Salon, Cost Cutters, First Choice Haircutters, Roosters, Opensalon, and Best Cuts. The company was founded by Paul Kunin and Florence Kunin in 1922 and is headquartered in Minneapolis, MN.
Market Cap
$47.0M
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Relevant filing section
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATION ARRANGEMENTS OF CERTAIN OFFICERS.


On December 19, 2021, Felipe A. Athayde, the President and Chief Executive Officer and a member of the Board of Directors (the "Board") of Regis Corporation (the "Company") notified the Board that he would resign his positions and his employment effective March 19, 2022. Upon receiving such notice, the Board appointed Matthew Doctor, the Company's Executive Vice President and Chief Strategy Officer, to serve as Interim Chief Executive Officer effective December 23, 2021, after which Mr. Athayde will remain an employee and on the Board until March 19, 2022. The Board is commencing a search for a successor President and Chief Executive Officer, which will include consideration of internal and external candidates. 


Mr. Doctor, age 35, has served in his current position at the Company since February 2021, prior to which he served as a consultant to the Company since December 2020. Prior to joining the Company, he was Chief Financial Officer of Kava Restaurants LLC, a Tim Horton's franchisee, from May 2018 to December 2020, following time he spent from April 2017 to May 2018 identifying investment opportunities. Prior to that, he held positions of increasing responsibility at Restaurant Brands International, a franchisor of restaurant companies, from June 2014 to April 2017. Earlier in his career, Mr. Doctor worked in investment banking with J.P. Morgan.


In connection with his appointment as Interim Chief Executive Officer, the Compensation Committee of the Board increased Mr. Doctor's base salary to $550,000, increased his target annual incentive to 100% of base salary and provided him with a $100,000 acceptance bonus. 


At the same time, the Board appointed Jim Lain, the Company's President, Franchise Operations, who functions as the Company's principal operating officer, to the position of Chief Operating Officer of the Company, also effective December 23, 2021. In connection with this appointment, the Compensation Committee increased Mr. Lain's base salary to $425,000 and his target annual incentive will remain at 70% of base salary.


A copy of the press release announcing the matters described above is attached herewith as Exhibit 99.