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Express failed to disclose nearly $1 million in perks to former CEO, SEC says
Express failed to disclose nearly $1 million in executive perks to the clothing retailer’s former CEO, the Securities and Exchange Commission said Tuesday in saying it had settled charges against the company, which went bankrupt earlier this year.
The agency did not identify the former chief executive by name, but said it involved proxy statements for fiscal years 2019, 2020 and 2021, a period when Tim Baxter was CEO. The Macy’s veteran joined Express in June 2019 and departed less than four years later.
“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,” the SEC stated.
As a result, the company, which filed for Chapter 11 bankruptcy in April, understated its CEO’s compensation by 94% over three fiscal years, according to the agency.
Public companies have a duty to comply with disclosure obligations so “investors can make educated investment decisions,” Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, stated. Still, the commission did not impose a civil penalty due to the company’s self-reporting, cooperation and remedial efforts, Wadhwa noted.
Express in September 2023 appointed former Tyson Foods executive Stewart Glendinning to replace Baxter, calling his resignation “unrelated to the company’s accounting or financial reporting, and the company affirms its guidance previously announced,” the company said at the time.
A group led by brand acquisition and management firm WHP Global now runs Express and Bonobos after purchasing its operating assets, including 450 stores, in late June.
WHP Global did not immediately respond to a request for comment.
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How Nikki Glaser is drawing inspiration from Tom Brady to prepare for Golden Globes hosting gig
Comedian and actress Nikki Glaser is preparing for one of the biggest moments of her career: Hosting the 82nd Annual Golden Globes. The event will air live on CBS on Sunday, Jan. 5.
Known for her brutally honest style, Glaser’s journey comes after years of hard work in the entertainment industry. She is also making history by becoming the first woman to solo host the Golden Globes.
“It’s been a lot of hard work leading up to this point of, like, a 22-year career where some people are suddenly starting to take notice on this kind of, like, bigger scale,” Glaser said. “I’m at a point in my life where, you know, I’m old enough to kind of handle this kind of attention and not let it go to my head.”
Glaser, widely recognized for her raunchy and relatable standup specials, has built a reputation for turning her personal experiences into comedy. Glaser credits her success to lessons learned and applied over the course of her career.
She also gained widespread attention for her standout performance at Netflix’s “The Roast of Tom Brady” earlier this year.
“The way I prepared for that … was inspired by learning about Tom Brady and how he prepares,” Glaser said. “It’s about the flexibility. It’s about surrounding yourself with people you love. Like, I hadn’t considered that part of my job at all. I always just thought, you just have to work hard.”
During the interview, Glaser also reflected on advice from those who have hosted major award shows before.
“Ricky [Gervais] called me right away to give me advice,” she said. “His advice was, ‘Just be yourself. You’re not one of them. Don’t try to walk out there acting like you’re an A-lister just because you’re invited.'”
The comedian has also earned her own recognition this year, with a nomination of her own.
“It was really cool to get the nomination on top of preparing for this,” Glaser said. “To me, hosting is number one.”
Despite the pressure, Glaser is excited for the experience and eager to perform. And winning isn’t a goal for Glaser.
“I’ll do a bit after my award is given out. I think it’s kind of funnier if I lose.”
The 82nd annual Golden Globes will air live on Jan. 5, 2025 on CBS and stream on Paramount+