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Vera Bradley, Inc. (NASDAQ:VRA), a company currently valued at $59.5 million and trading near $2.15, announced Wednesday that Chief Marketing Officer Alison Hiatt will leave the company effective October 9. According to InvestingPro analysis, the company faces significant challenges with its share price down over 60% in the past year. The company disclosed the departure and related severance arrangements in a press release statement filed with the Securities and Exchange Commission. This executive change comes at a critical time as InvestingPro data shows the company is experiencing rapid cash burn and revenue decline of over 22% in the last twelve months.
According to the filing, Vera Bradley and Ms. Hiatt have entered into a Release and Waiver Agreement. Under this agreement, Ms. Hiatt will receive her base salary through her termination date, accrued benefits under the company’s employee benefit plans, reimbursement for unreimbursed business expenses, and up to 12 months of COBRA premium reimbursement, subject to her obtaining coverage under another group health plan.
The agreement also provides for severance payments totaling $300,000, which will be paid in 15 equal installments. Additionally, Ms. Hiatt will be eligible to receive an extra payment equal to 1.25 times the annual bonus she would have received under the company’s 2026 fiscal year Cash Bonus Plan, payable at the same time as other executives receive their bonuses.
Ms. Hiatt will be treated as not having separated from service for the purposes of any outstanding stock awards, and she will be entitled to receive any shares that vest according to her award agreements while severance payments are being made.
In exchange for these benefits, Ms. Hiatt has agreed to release the company, its affiliates, and certain other parties from all claims related to her employment or termination, subject to customary limitations.
Vera Bradley’s common stock is listed on the NASDAQ Global Select Market under the symbol VRA. The information in this article is based on a press release statement included in the company’s SEC filing.
In other recent news, Vera Bradley reported its financial results for the second quarter of fiscal year 2026, which showed a revenue shortfall compared to forecasts. The company announced revenues of $70.9 million, falling short of the expected $81.35 million. Additionally, Vera Bradley reported a net loss of $0.02 per diluted share. These financial results have been a key focus for investors and analysts alike. The company’s stock reacted negatively in pre-market trading following the announcement. This revenue miss and net loss are significant developments for Vera Bradley, as they reflect the company’s current financial standing. Analysts and investors will be closely monitoring future earnings reports to assess the company’s performance.
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