On Friday, clothing brand licensor Cherokee (NASDAQ: CHKE), a key supplier to Target (TGT 3.31%), 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 (DTSI +0.00%), 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.
