Felipe Athayde Commences His New Appointment as Regis’ Chief Executive Officer and President

Rhea-AI Summary

Regis Corporation (NYSE:RGS) announced the appointment of Felipe A. Athayde as Chief Executive Officer and President effective October 5, 2020. This follows the prior announcement made on September 8, 2020. As part of Mr. Athayde's compensation, he will receive an inducement award of 358,680 restricted stock units valued at $2.5 million, which will vest after one year based on his continued service, along with options to purchase the same number of shares that will vest after four years. These awards were approved by the Compensation Committee.

Positive

• Appointment of Felipe A. Athayde as CEO expected to provide strategic direction.
• Inducement awards totaling $2.5 million may align CEO’s interests with shareholders.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)--Regis Corporation (NYSE:RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating technology-enabled hair salons, announced that effective today, October 5, 2020 (the “Start Date”), Felipe A. Athayde commenced his employment with and appointment as Regis’ Chief Executive Officer and President, which was previously announced on September 8, 2020. In connection with such appointment and as part of his compensation, Mr. Athayde will be granted an employment inducement award on the Start Date, consisting of 358,680 restricted stock units with a grant date value equal to $2,500,000, which are eligible to vest on the first anniversary of the Start Date based on Mr. Athayde’s continued service, and options to purchase 358,680 shares of the Company’s common stock, which are eligible to vest on the fourth anniversary of the Start Date. These awards were approved by Regis’ Compensation Committee of the Board of Directors subject to the commencement of Mr. Athayde’s employment, to be granted on the Start Date, as “employment inducement awards” under the NYSE Listed Company Manual Rule 303A.08.

About Regis Corporation

Regis Corporation (NYSE:RGS) is a leader in beauty salons and cosmetology education. As of June 30, 2020, the Company franchised, owned or held ownership interests in 6,923 worldwide locations. Regis’ franchised and corporate locations operate under concepts such as Supercuts®, SmartStyle®, Cost Cutters®, Roosters® and First Choice Haircutters®. Regis maintains an ownership interest in Empire Education Group in the U.S. For additional information about the Company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com