Express did not disclose nearly $1 million in executive perks for its former CEO, Tim Baxter, according to an SEC report.
According to the SEC, “The Securities and Exchange Commission today announced settled charges against Ohio-based Express, Inc., a multi-brand American fashion retailer, for failing to disclose executive compensation it paid to its now former CEO.”
The SEC highlighted; “Express failed to disclose $979,269 worth of perks and personal benefits provided to its CEO, including certain expenses associated with the CEO’s authorized use of chartered aircraft for personal purposes.”
Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, stated; “Public companies have a duty to comply with their disclosure obligations regarding executive compensation, including perks and personal benefits, so that investors can make educated investment decisions,” further adding, “Here, although Express fell short in carrying out its obligation, the Commission declined to impose a civil penalty based, in part, on the company’s self-report, cooperation with the staff’s investigation, and remedial efforts.”
Tim Baxter, a former Macy’s executive, served as CEO of Express between 2019 and 2023. In September 2023, Express appointed Stewart Glendinning as CEO, replacing Baxter, whose resignation was stated to be “unrelated to the company’s accounting or financial reporting.”
Under President Joe Biden, the SEC has taken an aggressive approach toward executive conduct. However, investigations are predicted to slow in 2025.
By CEO NA Editorial Staff