Cherokee Switches CFOs
Mar 3rd 2013 7:19AM
Updated Mar 3rd 2013 3:30PM
On Friday, clothing brand licensor Cherokee , a key supplier to Target , revealed that Chief Financial Officer Mark DiSiena resigned on Feb. 25 "to pursue other career opportunities."
Replacing DiSiena will be Jason Boling, an external hire from audio technology company DTS , where he served as vice president of finance and accounting. Boling will take over as Cherokee CFO on March 25.
Cherokee filed a copy of Boling's offer letter with the SEC Friday. In it, the company describes Boling's compensation package thusly:
- Base salary: $250,000.
- Performance bonus: up to 40% of base compensation, with a "guaranteed minimum" of $35,000 for the fiscal year ending next Jan. 31.
- Equity incentives: 30,000 stock options, vesting 10,000 shares at a time, annually over the next three years.
There will also be medical insurance and three weeks of paid vacation.
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