Naked Brand CFO, COO Michael Flanagan Exits

Naked Brand Group Inc. announced that Michael Flanagan, its chief financial officer and chief operating officer, had “retired” in March.

At the same time it announced the appointment of Kai-Hsiang Lin as vice president of finance. No explanation for the change was included in the filing.

Naked is the underwear and intimates firm whose CEO and chief creative officer is Carole Hochman.

According to the SEC filing, “Naked entered into a separation agreement with Mr. Flanagan, dated March 17, 2016” under which he “will receive (i) severance payment equal to one hundred thousand dollars ($100,000), which is the equivalent of six (6) months of severance pay, payable in equal monthly installments and (ii) a payment equal to accrued and unused vacation time through the retirement date. Additionally, unvested stock options shall continue to vest in accordance with such options’ terms and vested options will be exercisable until ninety (90) days after the retirement date at which time the vested options will expire.”

Flanagan had been with the company since 2014.

Naked explained in the filing that “Effective March 22, 2016 and in connection with the retirement of Mr. Flanagan, Naked’s board of directors appointed Kai-Hsiang Lin to serve as Naked’s vice president of finance and in the capacity as Naked’s principal financial officer until the earlier of a successor’s appointment or his resignation.”

“Mr. Lin, age 52, has been an employee of Naked since February 2016. From March 2014 to February 2016, Mr. Lin was corporate controller for HVS Global Hospitality Services, a leading consulting and services organization focused on the hotel, mixed-use, share ownership, gaming and leisure industries. From June, 1991 to February, 2014, Mr. Lin was corporate controller for The Good Stuff Company, LLC, a distributor and manufacturer of licensed toys and novelties, and a nationwide toy crane service operator with more than 200 employees nationwide. Mr. Lin holds a BBA in accounting from the Fu-Jen Catholic University in Taipei, Taiwan, and an MBA in computer information systems from Baruch College, CUNY, New York.”

“As compensation for his services to Naked, Naked has agreed to pay Mr. Lin a base salary of one hundred and forty thousand dollars ($140,000) per year. Mr. Lin will also be entitled to participate in Naked’s employee benefit plans.”