Andrew M. Meslow, the outgoing chief government officer of Bath & Body Works Inc., will obtain $7 million in money over a 24-month interval as a part of his separation settlement, in line with a Securities and Alternate Fee submitting on Thursday.
Meslow, who just lately mentioned he was leaving Bath & Body Works as a consequence of well being causes, has been its CEO since Could 2020. Additionally as a part of his settlement, he’ll obtain company-paid well being protection for as much as 24 months following his final day on the job, which is Could 12.
As well as, Meslow has agreed to increase the interval of his non-competition and non-solicitation obligations by a further 12 months, so that they now apply to a complete of 24 months. His non-competition obligations apply to any nation the place the corporate operates, sells or markets its merchandise.
Meslow may even forfeit unvested fairness awards together with 86,348 inventory choices; 122,536 restricted inventory items, and 1,311,057 goal efficiency inventory items.
Meslow’s departure was disclosed by Bath & Body Works on Feb. 23, citing unspecified well being causes. “After much consideration and many discussions with my family, I have decided to step down as CEO so that I can focus on my health,” Meslow mentioned on the time.
Sarah E. Nash, chair of the board of administrators, grew to become government chair in February, and on Could 12, she turns into interim CEO, whereas the corporate searches for a everlasting one.
Meslow labored at Bath & Body Works for practically twenty years. Earlier than turning into CEO, he was chief working officer.
Nash credited Meslow for “strengthening the company and creating extraordinary value, which was only reinforced with the completion of the separation of Victoria’s Secret and launch of Bath & Body Works as a stand-alone company.” Nash is almost all shareholder of privately held Novagard Options. She spent practically 30 years in funding banking at JPMorgan Chase & Co., retiring as vice chairman for international funding banking in July 2005.
In August 2021, the previous L Manufacturers spilt into two corporations — Victoria’s Secret and Bath & Body Works — and every firm started buying and selling individually on the New York Inventory Alternate. The $7.9 billion Bath & Body Works Inc. is buying and selling round $53 a share and over the previous 52 weeks has traded as excessive as $82 and as little as $44.17.