Bathtub & Physique Works CEO will resign on Might 12 resulting from well being causes.
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Bathtub & Physique Works chief govt Andrew Meslow will get a $7 million payout as he resigns subsequent week resulting from well being causes, the corporate revealed in a authorities submitting.
Meslow, 50, has led the chain since Might 2020 and has held senior positions on the firm for 16 years. He's additionally a member of the board and is resigning as a director subsequent week, as properly.
The submitting didn't disclose the character of Meslow’s well being points.
The soaps-and-lotions chain revealed the CEO’s exit in February, however a Wednesday securities submitting spelled out the phrases of his separation, which extends his non-compete settlement to 24 months from 12 months in change for a $7 million payout over 24 months and company-paid well being protection over the subsequent two years.
In August the Cincinnati-based chain cut up off from L Manufacturers and have become a separate firm as did sister firm, Victoria’s Secret.
“It has been an honor and a privilege to steer this nice firm as CEO and be part of the group for practically twenty years,” Meslow mentioned in a press release in Februrary. “After a lot consideration and lots of discussions with my household, I've determined to step down as CEO in order that I can concentrate on my well being.”
Meslow’s settlement will grow to be efficient on the conclusion of the annual assembly on Might 12, spokesperson Tammy Roberts advised The Publish.
Bathtub & Physique Works has been a retail darling for years and was particularly related in the course of the top of the pandemic due to its hand sanitizers and soaps.
Shares of the corporate have been down 1.5% to about $54 on Thursday morning.
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