Fossil Group, Inc 8-K, filed Mar 10, 2021
Fossil Group, Inc. (FOSL)
8-K
2021-03-10
For: 2021-03-10
View Original
Added on
April 11, 2026
About this 8-K
Fossil Group, Inc filed this 8-K on March 10, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 10, 2021
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code: (972 ) 234-2525
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
The Board of Directors (the “Board”) of Fossil Group, Inc. (the “Company”) has appointed Sunil M. Doshi to serve as Chief Financial Officer and Treasurer of the Company, effective March 29, 2021. Mr. Doshi is assuming the roles of Chief Financial Officer and Treasurer from Mr. Jeffrey N. Boyer, who will remain with the Company as Chief Operating Officer. Mr. Doshi will report directly to Mr. Boyer.
Mr. Doshi, age 49, joined the Company in June 2020 as Senior Vice President, Global Finance and Accounting and Chief Accounting Officer. Mr. Doshi served as the Chief Financial Officer for the Americas Region for the Company from February 2012 until August 2015. Prior to rejoining the Company, Mr. Doshi most recently served as Chief Financial Officer at Mitra QSR, among the largest domestic franchisee operators within the YUM! Brands, Inc. (NYSE: YUM) network, from February 2019 until June 2020. Mr. Doshi served as Chief Financial Officer of Zoës Kitchen, a formerly publicly traded fast casual restaurant chain, from September 2015 to February 2019. Mr. Doshi also held various senior finance roles with L Brands, an international company that sells personal care and beauty products, apparel and accessories, from 1999 to 2012.
Mr. Doshi will be an at-will employee of the Company. In connection with the appointment of Mr. Doshi, the Compensation Committee of the Board has approved a base salary of $490,000. On April 15, 2021, Mr. Doshi will receive a grant of restricted stock units pursuant to the Company’s 2016 Long Term Incentive Plan equal to the number of shares of the Company’s common stock having an aggregate fair market value of $260,300 on April 15, 2021. One-third of the award will vest annually on April 15 in each of 2022, 2023 and 2024, provided that Mr. Doshi is continuously employed by the Company through each such anniversary date.
Mr. Doshi is not a party to any transaction described in Item 404(a) of Regulation S-K involving the Company or any of its subsidiaries.
On March 10, 2021, the Company issued a press release announcing the appointment of Mr. Doshi. A copy of the press release is attached as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 10, 2021 | ||||||||
| FOSSIL GROUP, INC. | ||||||||
| By: | /s/ JEFFREY N. BOYER | |||||||
| Jeffrey N. Boyer | ||||||||
| Chief Operating Officer, Chief Financial Officer and Treasurer | ||||||||
Exhibit 99.1
FOSSIL GROUP APPOINTS FINANCE VETERAN SUNIL DOSHI
AS CHIEF FINANCIAL OFFICER
_____________________________________________________________________
Richardson, TX. March 10, 2021 – Fossil Group, Inc. (NASDAQ: FOSL) today announced the promotion of Sunil Doshi, Senior Vice President Global Finance & Accounting and Chief Accounting Officer, to Chief Financial Officer and Treasurer, effective March 29, 2021. Mr. Doshi, who brings more than 20 years of experience in senior finance roles, will assume the CFO position from Jeffrey Boyer, who remains Chief Operating Officer and a member of Fossil Group’s Office of the Chairman. Sunil will report to Jeff in his new role.
“We are pleased to welcome Sunil to the executive leadership team,” said Kosta Kartsotis, Chairman and Chief Executive Officer. “His extensive financial background, prior consumer and public company CFO experience, and history with Fossil make this a natural progression. We are confident that Sunil will bring tremendous value to this role as we position the Company to return to sustainable sales growth, improve profitability and build value for Fossil’s shareholders.”
Kartsotis added, “This organizational change further strengthens our executive leadership team and will enable us to accelerate the overall transformation of the company. Our goal is to become a digital-first organization, which also encompasses strengthening our operational platforms, including supply chain, operations, logistics, information technology and sustainability initiatives under Jeff’s leadership.”
Mr. Doshi joined Fossil in June 2020 and previously served as Chief Financial Officer for Fossil Group’s Americas region from 2012 to 2015. Prior to rejoining Fossil last year, Mr. Doshi served as Chief Financial Officer at Mitra QSR, among the largest domestic franchisee operators within the Yum! Brands (NYSE: YUM) network, since February 2019. Prior to that he was Chief Financial Officer of Zoe’s Kitchen (formerly NYSE: ZOES) from 2015 to 2019. Mr. Doshi started his career at L Brands, where he held various senior finance roles from 1999 to 2012. He holds a B.S. in Accounting from Ohio State University and an M.B.A. from the University of Chicago Booth School of Business.
About Fossil Group, Inc.
Fossil Group, Inc. is a global design, marketing, distribution and innovation company specializing in lifestyle accessories. Under a diverse portfolio of owned and licensed brands, our offerings include traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. We are committed to delivering the best in design and innovation across our owned brands, Fossil, Michele, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, Diesel, DKNY, Emporio Armani, kate spade new york, Michael Kors, PUMA and Tory Burch. We bring each brand story to life through an extensive distribution network across numerous geographies, categories, and channels. Certain press release and SEC filing information concerning the Company is also available at www.fossilgroup.com.
| Investor Relations: | Christine Greany | ||||
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| christine@blueshirtgroup.com | |||||
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