Daniel L. Karpel
CALERESAbout Daniel L. Karpel
Daniel L. Karpel, 54, was appointed Senior Vice President and Chief Accounting Officer of Caleres, effective October 13, 2025, assuming the duties of principal accounting officer; he previously served as Caleres’ Chief Accounting Officer from 2013 to 2016 and worked at Caleres from 2008 to 2016 . His recent roles include CFO of Club Car Wash Operating, LLC (2024), CFO of CW Holdings, LLC (Soft Surroundings and Coldwater Creek) (2023–2024), and Chief Accounting Officer at Eyecare Partners LLC (2022–2023) and Spectrum Brands Holdings, Inc. (2020–2022) . He will receive a customary compensation package with base salary commensurate with duties and eligibility to participate in Caleres’ short- and long-term incentive plans and other benefits; specific amounts were not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Caleres, Inc. | Senior Vice President & Chief Accounting Officer (returning) | 2025–present | Principal accounting officer; oversight of accounting policies and control environment |
| Caleres, Inc. | Chief Accounting Officer | 2013–2016 | Led corporate accounting and reporting; continuity with Caleres’ systems and teams |
| Caleres, Inc. | Finance leadership roles | 2008–2016 | Advanced Caleres’ finance function; institutional knowledge of brand portfolio and retail operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Club Car Wash Operating, LLC | Chief Financial Officer | 2024 | Scaled finance operations for a multi-location services business |
| CW Holdings, LLC (Soft Surroundings & Coldwater Creek legacy entity) | Chief Financial Officer | 2023–2024 | Led restructuring/finance for specialty retail brands |
| Eyecare Partners LLC | Chief Accounting Officer | 2022–2023 | Managed accounting for a healthcare roll-up platform |
| Spectrum Brands Holdings, Inc. | Chief Accounting Officer | 2020–2022 | Oversaw public company accounting/reporting for diversified consumer products |
Fixed Compensation
- Customary compensation for SVP & CAO at Caleres: annual salary commensurate with duties and eligibility for short- and long-term incentive plans; detailed amounts not disclosed .
- Caleres prohibits hedging, pledging, or short sales by directors and executive officers; options repricing is prohibited under the incentive plan .
- Caleres maintains significant executive stock ownership requirements; 2024 compliance was disclosed for NEOs, but CAO-specific multiples were not listed in the proxy .
Performance Compensation
- Annual Incentive Plan (company-level design): primary metric is Adjusted Operating Earnings (Adjusted OE); Net Sales acts as an accelerator/decelerator; payouts capped at 200% of target and require minimum Adjusted OE; awards can be reduced via negative discretion .
- Long-Term Incentive Plan (2024–2026 design for executives): primary metric Adjusted EPS with ROIC modifier; four measurement periods (three annual, one cumulative strategic initiatives); threshold 30%, max 200%; earned amounts “banked” and paid at end of 3-year period subject to service and clawback .
- Example of recent plan outcomes (context for CAL executive incentives):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Adjusted EPS Target ($) | 3.85 | 4.00 | 4.30 |
| Adjusted EPS Actual ($) | 4.52 | 4.18 | 3.30 |
| Net Sales ($USD Millions) | 2,968.1 | 2,817.3 | 2,722.7 |
| Annual Payout % of Target | 200% | 114% | 26% |
- 2024 Annual Consolidated Incentive Plan for executives paid at 0% due to Adjusted OE below minimum ($157.0M vs thresholds) .
Equity Ownership & Alignment
| Metric | As of Oct 13, 2025 |
|---|---|
| Common shares held (direct) | 1,315 |
| Ownership as % of basic shares outstanding | ~0.004% (1,315 / 32,494,000 basic shares; basic shares from Q2 2025 8-K) |
| Pledged or hedged shares | Prohibited by company policy for executive officers |
| Insider trading cadence | Initial Form 3 filed; no Form 4 transactions disclosed for Karpel as of Oct–Nov 2025 in cited sources |
Equity award vesting policy for executives: restricted stock typically vests 50% after 2 years and 50% after 3 years; LTIP awards are earned over three years with banked annual components and cumulative strategic initiatives; clawback applies for malfeasance and restatements .
Employment Terms
- Appointment date and role: SVP & Chief Accounting Officer, effective October 13, 2025; assumes duties of principal accounting officer .
- Incentive eligibility: eligible to participate in Caleres’ short- and long-term incentive plans; specific targets/weightings not disclosed for CAO .
- Severance/change-in-control program (company framework for executives): cash severance up to 2x salary + target annual incentive (plus prorated current-year bonus if earned); double-trigger change of control (termination without cause or resignation for good reason within 2 years) with benefits; legacy agreements may include modified excise tax gross-up; non-compete up to two years in exchange for benefits .
- Clawbacks: compensation recovery policy for certain misstatements; LTIP clawback for malfeasance leading to restatements .
- Insider policy: prohibits hedging, pledging, short sales; anti-pledging in margin accounts .
Investment Implications
- Alignment: Karpel’s pay will be tied to profitability metrics (Adjusted OE for annual incentives; Adjusted EPS/ROIC for LTIP), capping payouts and embedding clawbacks—supporting pay-for-performance and earnings quality .
- Retention risk: Newly appointed executive with eligibility for LTIP and time-vested equity (2/3-year graded), plus severance protections and non-compete—reduces immediate departure risk while fostering multi-year retention .
- Insider selling pressure: Current disclosed stake is modest (1,315 shares, ~0.004% of basic shares outstanding), and hedging/pledging are prohibited; near-term selling pressure appears limited until initial equity grants vest and future Form 4s are filed .
- Execution: Returning former CAO with deep Caleres and public-company accounting experience should lower execution risk in ERP, integration, and reporting cycles amid ongoing brand portfolio optimizations and acquisitions (e.g., Stuart Weitzman close after Q2 2025) .