08/20/2019 | Press release | Distributed by Public on 08/20/2019 14:39
FORT MYERS, Fla., Aug. 20, 2019 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) (the 'Company' or 'Chico's FAS') today announced that the Human Resources, Compensation and Benefits Committee of the Company's Board of Directors, composed solely of independent directors (the 'Committee') has granted a performance-based equity inducement award to Bonnie Brooks in connection with her previously announced appointment as President and Chief Executive Officer of the Company.
As detailed in the Company's separately filed 8-K/A filed on August 20, 2019, the number of units earned under the award is subject to achievement of a minimum performance requirement relating to comparable sales improvement, as well as the performance of the Company's stock price over a specified period of time.
This grant is intended to provide a strong incentive for Ms. Brooks to stabilize the Company's performance and the management team and re-ignite growth. After the August 20, 2019 equity grants made in connection with her appointment as President and Chief Executive Officer, Ms. Brooks will not be eligible for additional annual equity grants until fiscal 2021, and any such grants will be at the discretion of the Committee.
ABOUT CHICO'S FAS, INC.
The Company, through its brands - Chico's, White House Black Market, Soma and TellTale™ - is a leading omnichannel specialty retailer of women's private branded, sophisticated, casual-to-dressy clothing, intimates and complementary accessories.
As of May 4, 2019, the Company operated 1,410 stores in the U.S. and Canada and sold merchandise through 84 international franchise locations in Mexico and one domestic franchise airport store. The Company's merchandise is also available at www.chicos.com, www.chicosofftherack.com, www.whbm.com, www.soma.com and www.mytelltale.com as well as through third party channels.
For more detailed information on the Company, please go to our corporate website at www.chicosfas.com. The information on our corporate website is not, and shall not be deemed to be, a part of this press release or incorporated into our federal securities law filings.
Vice President - Investor Relations,
Public Relations and Corporate Communications
Chico's FAS, Inc.
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SOURCE Chico's FAS, Inc.