Sally Beauty's GC Resigns With $500K Paycheck To Come
Matthew Haltom has been with the company since 2006. He won't leave empty-handed.
January 29, 2018 at 03:24 PM
3 minute read
Matt Haltom. Photo credit: Mark Graham.
Following in the steps of several of his C-suite colleagues, Sally Beauty Holdings Inc. GC Matthew Haltom notified the Denton, Texas-based beauty supply retailer of his plans to resign from his post, effective Jan. 25, according to a U.S. Securities and Exchange Commission filing.
Haltom, who has been senior vice president, general counsel and secretary since 2012, is not resigning because of any disagreement with the company or its practices, the filing notes. Neither Haltom nor a company representative immediately returned requests for comment on the GC's decision to leave his position.
John Henrich, who was most recently VP, deputy GC and head of regulatory at Sally Beauty, has been appointed interim GC and secretary.
Haltom's career in-house began at Sabre Holdings Corp., where he was securities compliance counsel, according to his LinkedIn profile. He then moved on to be senior corporate and securities counsel at Builders FirstSource Inc. before arriving at Sally Beauty in 2006. Haltom's route to the GC spot included a number of positions in the company's legal department, such as VP, deputy general counsel and assistant secretary and associate general counsel. He was named GC in November 2012.
In a 2015 interview with Texas Lawyer, Haltom said he was promoted three times before becoming Sally Beauty's general counsel. At the time of the interview, he led a global staff of nine attorneys, one in Chile, two in the United Kingdom, one in Belgium and the rest at company headquarters in Denton. Commenting on his work at Sally and in the beauty industry, Haltom noted that the company sells in 14 countries and distributes $1.5 billion in professional beauty supplies. “It's a steady business,” he said.
More recently though, business has not looked so steady. Last year, the company announced that behind a “disappointing start to fiscal 2017,” it would begin cutting costs through a comprehensive restructuring plan. A November 2017 SEC filing shows that as a result of the plan, the company incurred $22.7 million in charges, including “severance and related expenses” of $12.1 million. This, as the company's chief financial officer, chief marketing officer and chief accounting officer all announced their plans to leave the company within a span of less than a year.
Though he's resigned from his position, Haltom isn't walking away empty-handed. A separation agreement filed with the SEC stipulates that Haltom will receive more than $41,000 per month for a period of 12 months, totaling just over $500,000, plus cash to cover health insurance for a year.
Payout, of course, depends upon Haltom's compliance with the terms of the agreement. Requirements include that he not defame or disparage the company, reveal confidential information or recruit away Sally Beauty employees for one year.
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