New York -- Kohl’s Corp.’s chief merchandising officer, Donald A. Brennan, resigned his position, effective as of April 1, 2014. Kohl's disclosed Brennan's departure in a filing this week with securities regulators.
Under a separation agreement with the department-store operator, Brennan will receive a one-time severance payment equal to 2.9 times his annual salary plus the average of the three most-recent annual incentive compensation plan payments paid to him, according to a regulatory filing.
He also will receive a bonus based on Kohl's performance that will amount to 17% of the bonus he would have received if he remained with the company through the end of the current fiscal year.
In February, Kohl’s reported that its fiscal fourth-quarter earnings decreased 12%.