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- Departure of CEO (new) — The current CEO is departing and resigning from the Board effective July 13, 2026.
Lands' End appoints Charlie Cole as CEO, replacing Andrew McLean effective July 13
Filed June 30, 2026 · Period ending June 29, 2026 · ~1 min read
Key Changes
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Charlie Cole appointed CEO and Board member effective July 13, 2026, replacing Andrew McLean who will resign from both roles. Cole brings 20+ years consumer brand leadership experience in digital commerce, AI, and omnichannel retail.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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McLean will remain as non-officer employee through September 11, 2026, then receive two times base salary plus average prior two years' bonus over 24 months, plus accelerated vesting of 25% of April 2025 RSUs and March 2026 performance cash award.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Cole's compensation: $1.1M base salary, 125% target bonus, $550K signing bonus (repayable if he leaves before January 31, 2027), and $2.5M in sign-on equity ($1.25M RSUs, $1.25M options) vesting over three years.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Cole's severance provides two times base plus average bonus over 24 months if terminated without cause, increasing to 2.5 times if termination occurs near or within two years after a change in control.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Lands' End is executing a CEO transition, with Andrew McLean stepping down from both CEO and Board roles effective July 13, 2026. The departure of a sitting CEO warrants attention, particularly given McLean's relatively recent appointment in September 2022. His separation agreement provides standard executive severance including two years of salary and bonus continuation, plus partial equity acceleration.
The Board has moved quickly to appoint Charlie Cole as McLean's replacement, effective the same day. Cole brings relevant experience in digital commerce and omnichannel retail across multiple consumer brands, which aligns with Lands' End's ongoing transformation efforts.
His compensation package includes $1.1 million base salary, 125% target bonus, and $2.5 million in sign-on equity vesting over three years, with annual long-term incentive awards of at least $3 million beginning in fiscal 2027. The key question for shareholders is whether this leadership change reflects strategic differences, performance concerns, or simply a planned transition. The timing—mid-fiscal year with immediate Board resignation—suggests this was not a long-planned succession. Investors should watch for Cole's strategic priorities in upcoming earnings calls and any shifts in the company's digital transformation roadmap.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Employment Letter provides Mr. Cole with an annual base salary equal to $1,100,000 and an annual target bonus opportunity under the Company’s annual incentive plan equal to125% of his annual base salary. Mr. Cole will be granted a cash signing bonus of $550,000, which is subject to repayment by Mr. Cole if he resigns from employment other than for good reason or if the Company terminates his employment for cause before January 31, 2027, an inducement sign-on grant of restricted stock units with a grant date value equal to $1,250,000 and an inducement sign-on grant of options to purchase shares of Company common stock with a grant date value equal to $1,250,000. The sign-on equity awards will vest in tranches of 25%, 25%, and 50%, on the first, second and third anniversaries, respectively, of Mr. Cole’s start date, subject to his continued employment
Cole's compensation package includes $1,100,000 base salary, 125% target bonus, $550,000 signing bonus (repayable if he leaves before January 31, 2027), and $2,500,000 in sign-on equity grants ($1,250,000 RSUs and $1,250,000 stock options) vesting 25%/25%/50% over three years. Beginning in fiscal 2027, he will receive annual long-term incentive awards of at least $3,025,000.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 1, 2026 · How we verify