John McClain
LANDS' ENDAbout John T. McClain
Independent director of Lands’ End since May 2014; age 64. He is Executive Vice President and Chief Financial Officer of Iconix International (since Feb 2019). Prior roles include CFO of Lindblad Expeditions (2015–2016) and CFO of The Jones Group (2007–2014, advisor post-sale in 2014). He previously held senior finance roles at Cendant/Avis Budget Group, with earlier leadership at Sirius Satellite Radio and ITT. He holds a B.S. in Accounting from Lehigh University.
Past Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| Iconix International | EVP & Chief Financial Officer | Feb 2019 – Present | Leads finance at brand management company |
| Lindblad Expeditions Holdings | Chief Financial Officer | Nov 2015 – Sep 2016 | Public company CFO in travel sector |
| The Jones Group Inc. | Chief Financial Officer; Senior Advisor | CFO Jul 2007 – Apr 2014; Advisor Apr–Aug 2014 | CFO through sale to Sycamore Partners |
| Avis Budget Group/Cendant | SVP Finance & Corp Controller; Chief Accounting Officer (Avis); COO Cendant Finance Holdings | 1999 – 2007 | Corporate finance and accounting leadership |
| Sirius Satellite Radio; ITT Corporation | Leadership roles | N/A | Earlier senior roles |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Seritage Growth Properties (REIT) | Trustee (Director) | Since Jun 2015 | Current public company board service |
| Nine West Holdings | Director | Apr 2014 – Oct 2015 | Former directorship |
| Cherokee Inc. (now Apex Global Brands Inc.) | Director | Sep 2017 – Jan 2019 | Former directorship |
Board Governance
- Independence: Board affirmatively determined McClain is independent under Nasdaq rules; he is also designated an “audit committee financial expert.”
- Committees: Identified as an audit committee financial expert (indicative of Audit Committee membership); Audit Committee members meet heightened independence standards.
- Attendance: Board met 7 times in FY2024; all directors attended >75% of Board and committee meetings.
- Board leadership: Chair of the Board is Josephine Linden (non-executive).
- Executive sessions: Independent directors meet in executive session regularly and at least twice per year.
Fixed Compensation (Director)
| Metric | FY2023 | FY2024 |
|---|---|---|
| Fees Earned or Paid in Cash (USD) | $120,000 | $120,000 |
| Stock Awards (USD) | $0 | $0 |
| Annual Lands’ End Gift Card (USD) | $10,000 | $10,000 |
| Total (USD) | $130,000 | $130,000 |
- Director fee policy: Annual retainer $100,000; Board Chair +$30,000; committee chair/member retainers (Audit Chair $20,000; Audit member $12,500; Compensation Chair $15,000; Compensation member $10,000; other committee chair $10,000; other member $7,500). Directors may elect to take retainers in stock; $10,000 annual gift card provided.
Performance Compensation
- Lands’ End does not grant performance-based pay to non-employee directors; compensation is retainer-based with optional equity election for retainers. No director PSUs/options were disclosed for McClain in FY2023–FY2024.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current external board | Seritage Growth Properties – Trustee (since 2015) |
| Prior external boards | Nine West Holdings (2014–2015); Cherokee Inc./Apex Global Brands (2017–2019) |
| Notable interlocks | McClain is CFO of Iconix International while fellow LE director Robert Galvin is CEO of Iconix International (ongoing), indicating a shared external executive affiliation; both also overlapped as directors at Cherokee Inc. (2017–2018 overlap) |
Expertise & Qualifications
- Financial expertise: Designated audit committee financial expert; >25 years of senior finance leadership including multiple public company CFO roles.
- Industry experience: Retail, apparel/brand management, consumer, travel; extensive corporate finance, accounting, and capital markets exposure.
- Education: B.S. in Accounting, Lehigh University.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| John T. McClain | 11,054 | <1% |
- Director ownership guidelines require non-employee directors to acquire shares equal in cost to the annual retainer by the third anniversary; as of Jan 31, 2025 all non-employee directors were in compliance.
- Insider policy prohibits hedging and pledging; holding company stock in a margin account or pledging as collateral is prohibited.
Governance Assessment
- Positives: Independent director with deep CFO credentials; designated audit committee financial expert; consistent attendance; board maintains independent leadership structure; strong say‑on‑pay support (≈99% approval at 2024 annual meeting), signaling general shareholder confidence.
- Alignment: Director compensation is primarily cash; he did not elect stock retainers in FY2023–FY2024, though he holds shares and meets ownership guidelines; anti‑hedging/pledging policy supports alignment.
- Potential risk indicators:
- Interlock: Concurrent senior executive roles at Iconix International with fellow LE director (Robert Galvin as CEO) and prior overlap at Cherokee may raise independence and oversight perceptions (groupthink/time-commitment), warranting investor monitoring.
- Tenure: Joined in 2014 (long tenure can prompt refreshment considerations over time).
RED FLAG to monitor: External interlock with Iconix International leadership (CFO/CEO) among two current LE directors. Assess how the Board manages potential perception risks and maintains robust independent challenge in audit and broader oversight.
