Anne Gates
TAPESTRYAbout Anne Gates
Anne Gates, age 65, has served on Tapestry’s Board since 2017 and is the Independent Chair of the Board; she is a member of the Audit Committee and Chair of the Governance and Nominations (GN) Committee . She is a former President of MGA Entertainment and previously held senior finance and operating roles at The Walt Disney Company, including EVP & CFO of Disney Consumer Products; she holds a BA in Mathematics from UC Berkeley and an M.Sc. in Operations Research from Columbia University . The Board has determined she is independent and qualifies as an “Audit Committee financial expert” under federal securities laws .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MGA Entertainment | President | 2014–2017 | Led consumer products operations |
| The Walt Disney Company | EVP & CFO, Disney Consumer Products; Managing Director, DCP Europe & Emerging Markets; SVP Operations, Planning & Analysis | 1991–2012 | Deep finance, strategy, international operating experience |
External Roles
| Organization | Role | Tenure/Status | Committees/Impact |
|---|---|---|---|
| The Kroger Co. | Director | Current | Public company board service |
| Raymond James Financial, Inc. | Director | Current | Public company board service |
| Packard Foundation; Save the Children; Salzburg Global Seminar; Public Media Group of Southern California | Board/Community roles | Ongoing (not specified) | Community and nonprofit engagement |
Board Governance
- Independent Chair of the Board; CEO and Chair roles have been separated since July 2020; Gates presides over executive sessions of independent directors .
- Committee assignments: Audit Committee member; GN Committee Chair; all standing committees comprised solely of independent directors .
- Attendance and engagement: Board met 6 times in FY2025; Audit met 4; HR met 5; GN met 4; each incumbent director attended at least 75% of Board and applicable committee meetings; Gates presided over executive sessions .
- Independence determination: Board annually evaluates relationships; all nominees other than the CEO were determined independent under NYSE standards .
Fixed Compensation
| Compensation Element | FY2025 Amount ($) | Notes |
|---|---|---|
| Basic annual retainer | 100,000 | Standard outside director cash retainer |
| Independent Chair retainer | 200,000 | Additional cash retainer for Board Chair |
| GN Committee Chair retainer | 25,000 | Additional cash retainer for committee chair |
| Fees Earned or Paid in Cash (Anne Gates) | 325,000 | Sum of basic + Chair + GN Chair retainers |
| Annual equity grant (target value) | 200,000 | RSUs granted to independent directors; vest in full after one year |
| Stock Awards (grant-date fair value) | 199,999 | FY2025 RSU grant value (FASB ASC 718) |
| All Other Compensation | 9,956 | Matching charitable contributions under the Company’s program |
| Total (Anne Gates) | 534,955 | FY2025 total director compensation |
Performance Compensation
| Award Type | Grant-Date Fair Value ($) | Units/Options Outstanding | Vesting/Terms | Performance Metrics |
|---|---|---|---|---|
| RSUs (Director annual grant) | 199,999 | 3,509 unvested RSUs as of June 28, 2025 | Vest in full one year from grant, subject to continued service | None; time-based (no performance metrics) |
| Stock Options (legacy) | N/A | 59,624 options outstanding (Anne Gates) | Legacy grants; Board eliminated director options effective Nov 2024 | N/A; no new director options after Nov 2024 |
Note: Tapestry eliminated stock options for directors in favor of 100% RSU equity compensation effective November 2024 following a compensation study; this removed an unusual element relative to peers and aligned director equity with median peer levels .
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Conflicts |
|---|---|---|
| The Kroger Co. | Director | No compensation committee interlocks disclosed; Company notes no executive officers serve on boards where TPR HR Committee members are executives |
| Raymond James Financial, Inc. | Director | No compensation committee interlocks disclosed |
- Related-person transactions oversight: GN Committee reviews, approves or disapproves related-person transactions under written policy; GN Chair recuses from any transaction involving self/family/affiliated entities .
- The proxy does not identify any related-person transaction involving Anne Gates in the sections searched; GN Committee maintains oversight .
Expertise & Qualifications
- Financial acumen and senior leadership: Former EVP & CFO at Disney Consumer Products; President at MGA; qualifies as Audit Committee financial expert .
- Industry experience: Retail and consumer products, international markets, marketing/branding, strategy, business development .
- Education: BA in Mathematics (UC Berkeley) and M.Sc. in Operations Research (Columbia University) .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 76,804 | As of August 31, 2025; includes options exercisable within 60 days as noted |
| Ownership % of outstanding | <1% | Based on 209,068,565 shares outstanding |
| Options exercisable within 60 days | 59,624 | Included in beneficial ownership; legacy director options |
| Unvested RSUs | 3,509 | As of FY2025 year-end for independent directors (except Ms. Long) |
| Director stock ownership guideline | 5x basic annual retainer ($500,000) | Must be achieved within five years; includes after-tax value of unvested RSUs and in-the-money options |
| Compliance status | In compliance; achieved 5x ownership level | As of Dec 31, 2024, Gates met guideline |
| Anti-hedging policy | Prohibits hedging and derivatives | Insider Trading Policy prohibits hedging/short sales; blackout periods observed |
Governance Assessment
- Board effectiveness: Independent Chair structure with separated CEO role and regular executive sessions enhances oversight and mitigates management dominance; Gates presided over sessions in FY2025 .
- Committee leadership: As GN Committee Chair and Audit member, Gates is positioned at the core of board refreshment, CEO succession, governance evaluations, and financial oversight; Audit confirms her qualification as a financial expert .
- Independence & attendance: Independent status affirmed under NYSE standards; attendance at least 75% of required meetings; strong engagement signal .
- Compensation alignment: Director pay consists of cash retainers and annual RSUs with one-year vesting; elevated cash for Gates reflects leadership roles; shift to 100% RSUs and elimination of options tightened alignment with peer governance norms beginning Nov 2024 .
- Conflicts and related-party risk: GN Committee enforces robust related-person transaction policy; no Gates-specific related-person transactions surfaced in proxy sections searched; compensation committee interlocks not present .
- RED FLAGS: Historical use of director stock options deemed unusual vs. peers; remediated in Nov 2024 by moving to RSUs only . No pledging disclosures noted; anti-hedging policy in place .