After an eight-month search, suits retailer Men's Wearhouse (NYSE: MW ) announced Wednesday that it has finally found its chief financial officer.
This is a job that Executive Vice President of Finance and Accounting Diana Wilson has been holding down on an interim basis ever since previous CFO Neill Davis resigned to become president of Francesca's Holdings (NASDAQ: FRAN ) last July. But at long last, Men's Wearhouse has picked former LF-USA Executive Vice President Jon W. Kimmins as its choice.
A 30-year veteran of retail, Kimmins ran finance and operations at LF-USA, a division of apparel and footwear retailer Li & Fung Limited. Before that, he served as treasurer and executive VP of Toys "R" Us.
Effective April 4, Kimmins will take the reins from Wilson and assume responsibility for the company's finance, accounting, treasury, and investor relations duties. In an SEC filing, Men's Wearhouse revealed that Kimmins will receive a most generous compensation package for his work, including a $200,000 signing bonus, $450,000 annual salary, and a potential annual bonus of up to an additional $450,000 -- with a guarantee that he will receive no less than a $225,000 bonus in 2013.
Additionally, Kimmins will receive $1 million worth of "deferred stock units" vesting over five years and an additional $250,000 worth of stock options vesting over three years.