Mary Turner

About Mary Turner

Mary Turner, age 66, is Executive Vice President and President of Designer Brands Canada Inc. since March 2020, leading The Shoe Company banner and DSW’s merchandising and operations in Canada; she previously served as Senior Vice President and President of Designer Brands Canada Inc. from February 2019 to March 2020 and, prior to DBI’s 2018 acquisition, was Chief Merchant (Jan–Jul 2017) and then Chief Operating Officer at Town Shoes Limited (Jul 2017–Feb 2019); earlier in her career she spent nearly 20 years at Hudson’s Bay Company and held merchandising roles at Holt Renfrew . Company pay-versus-performance context: Fiscal 2024 net sales decreased 2.1% to $3.0B, reported net loss was $10.5M, and Adjusted Operating Income was $67.6M; DBI’s cumulative TSR (value of an initial $100 investment) stood at $38.14 in 2024 versus peer group $235.55 .

Past Roles

External Roles

No public company directorships or external board roles disclosed in DBI proxy filings for Mary Turner .

Fixed Compensation

Not disclosed. Mary Turner is not listed among DBI’s Named Executive Officers in the Summary Compensation Table; proxies detail NEO compensation but do not provide individual pay figures for non‑NEO executives .

Performance Compensation

DBI’s executive incentive design and metrics apply company‑wide and indicate alignment levers likely relevant to EVP‑level leaders:

• Short‑Term Incentive (ICP): Fiscal 2024 annual bonus for executives was based solely on Adjusted Operating Income with threshold, target, and maximum levels; actual performance ($67.6M AOI) was below threshold, resulting in a 0% payout for the executive team .
• Long‑Term Incentive (RSUs/PSUs): For fiscal 2024, performance‑based RSUs use a three‑year performance period composed of three separate one‑year cycles, each tied to AOI, with earned shares (if any) vesting on the third anniversary; 2024 cycle paid 0% due to sub‑threshold AOI .

Equity Ownership & Alignment

Employment Terms

• Change‑in‑Control: DBI’s shareholder‑approved LTI Plan provides accelerated vesting upon certain qualifying terminations following a change‑in‑control; if awards are not assumed/replaced, time‑based RSUs vest immediately and performance‑based RSUs vest at target; Committee may apply double‑trigger acceleration within two years post‑CIC for involuntary termination without cause or for good reason .
• Standard Executive Agreements: Severance, pro‑rata bonus, partial equity acceleration, COBRA reimbursements apply to Named Executive Officers with defined non‑compete and non‑solicit periods; Mary Turner’s individual employment agreement terms are not disclosed in the proxy .
• Clawbacks: DBI adopted a Dodd‑Frank recoupment policy effective December 1, 2023; LTI Plan includes additional recoupment provisions for misconduct or restatements .

Investment Implications

• Incentive alignment: DBI’s 2024 design paid 0% short‑term and forfeited one‑third of PSUs for the first cycle, reinforcing pay‑for‑performance and indicating high at‑risk pay for executives; this curtails windfalls and supports shareholder alignment but may elevate retention risk for leaders tied to equity outcomes .
• Insider flows: Turner’s April 2025 sale of 24,543 shares at sub‑$3 pricing reflects personal liquidity or portfolio management; post‑sale holdings are modest, suggesting limited direct exposure to share price movements, albeit anti‑hedging/pledging policies reduce misalignment risks .
• Governance and CIC mechanics: Double‑trigger equity acceleration under the LTI plan is shareholder‑standard and can support retention through transaction uncertainty without single‑trigger windfalls .
• Disclosure note: Mary Turner is not an NEO in DBI’s proxy, limiting visibility into her base pay, bonus targets, and individual equity grant detail; however, company‑wide metrics (Adjusted Operating Income) drive executive incentives across the organization .

Company Performance Context (for pay‑for‑performance analysis)

Note: TSR values represent cumulative indexed total shareholder return since January 28, 2020; Adjusted Operating Income is the company‑selected measure used for ICP and PSUs; FY2024 net sales and loss reflect DBI operational performance in the year .

Equity Ownership & Alignment – Additional Notes

• Director and CEO ownership guidelines are explicit; proxies state executive officers and directors are subject to pre‑clearance and trading window controls, with an anti‑hedging/anti‑pledging policy applying to all executives (Mary Turner included) .
• Security ownership tables list aggregate management ownership and note Mary Turner is included in the group but not individually enumerated; one director’s legacy pledge is disclosed, with no pledges disclosed for Turner .
• Section 16 compliance disclosure cites one late Turner Form 4, suggesting a minor compliance risk but attributed to administrative error .

Investment Implications

• Pay outcomes (0% ICP and PSU forfeiture) underscore strict performance gating; if DBI’s AOI and sales recover, future RSU cycles could earn, improving retention economics for executives like Turner tied to long‑term equity .
• Turner’s limited post‑sale shareholding reduces direct downside/upside alignment compared to CEO/directors with guidelines; however, anti‑hedging/pledging policies and performance‑conditioned equity mitigate misalignment concerns .
• CIC provisions are shareholder‑standard (double‑trigger), which balances retention with governance; absence of tax gross‑ups and presence of clawbacks are positive signals .
• Monitoring: Track subsequent Form 4s for vesting‑related sales, DER accruals, or net selling; watch say‑on‑pay signals and AOI trajectory, as incentive realizations for executives hinge on AOI thresholds .