UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 9, 2008
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as Specified in Charter)
| | | | |
(State or Other Jurisdiction
of Incorporation) | | (Commission File No.) | | (IRS Employer
Identification No.) |
| | | | | |
| 500 Howard Street, San Francisco, CA | | 94105 |
| (Address of principal executive offices) | | | | (Zip Code) |
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements for Certain Officers.
(e) On December 9, 2008, the Compensation Committee of the Board of Directors of The Gymboree Corporation (the "Company") approved decreases in the base salary of the Company’s executive officers. Effective December 15, 2008, the base salaries of the Company’s named executive officers will be paid at adjusted salary rates as follows:
| Name | | Title | Current 2008 Salary Rate | Adjusted 2008
Salary Rate |
Reduction |
| | | | | | |
Matthew K. McCauley | | Chief Executive Officer | $750,000 | $637,500 | 15% |
Kip M. Garcia | | President | $425,000 | $374,000 | 12% |
Blair W. Lambert | | Chief Operating Officer and Chief Financial Officer | $385,000 | $338,800 |
12%
|
Marina Armstrong | | Senior Vice President, Stores, Human Resources and Play & Music and Secretary |
$385,000
|
$338,800
|
12%
|
Lynda G. Gustafson | | Vice President, Corporate Controller |
$230,000
|
$207,000
|
10%
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | THE GYMBOREE CORPORATION |
| | | |
| | | |
| | | |
| | | |
Dated: December 15, 2008 | By: | /s/ BLAIR W. LAMBERT |
| | Name: Blair W. Lambert
Title: Chief Operating Officer and
Chief Financial Officer |
