Destination Maternity extends CEO contract
Destination Maternity announced today that it extended its contract with Chief Executive Officer Marla Ryan for two more months while it reviews Ryan's total compensation package which includes long-term incentives.
Destination Maternity's Independent Chair of the Board of Directors, Anne-Charlotte Windal, said in a statement, “Since late May 2018, the Compensation Committee has commenced a comprehensive review of the company’s pay practices with the goal of establishing a stronger link between pay and performance."
The agreement extends Ryan's current employment contract from July 30, 2018 through September 30, 2018. The company will use the time to review overall compensation, corporate benefits, annual and long-term bonuses for Ryan.
Windal added, "The Compensation Committee has determined it is in the company’s best interests to extend Marla Ryan’s initial employment contract while the comprehensive review is in process so that Ms. Ryan’s new employment agreement can incorporate the results of the Committee’s comprehensive review.”
Destination Maternity anticipates the process to review and revise Ryan's compensation will not take longer than three months. The company intends to enter into a new and more complete employment agreement with its CEO by the end of September.
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