David Elkins
TAPESTRYAbout David Elkins
David Elkins, age 57, has served as an independent director of Tapestry, Inc. since 2024. He is Executive Vice President and Chief Financial Officer of Bristol Myers Squibb and is designated an Audit Committee financial expert on Tapestry’s Board. He holds a B.A. in Economics from the University of Delaware, an M.S. from the University of Pennsylvania, and an MBA from Drexel University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bristol Myers Squibb | EVP & CFO | 2019 – Current | Large-cap CFO; capital allocation, M&A, risk oversight |
| Celgene | EVP & CFO | 2018 – 2019 | Finance leadership through strategic transition |
| Johnson & Johnson (Consumer) | CFO | 2014 – 2017 | Consumer finance leadership; global operations |
| Round Rock Research | CFO | 2012 – 2014 | Private company finance leadership |
| Becton Dickinson | EVP & CFO | 2008 – 2012 | Public-company CFO experience |
| AstraZeneca | VP & CFO, NA & Global Marketing | 2001 – 2008 | Regional and global finance roles |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| Bristol Myers Squibb | EVP & CFO | No | Operating executive (not a director) |
| Other U.S.-listed public company boards | — | None | No other public boards listed in Tapestry proxy |
Board Governance
- Committee assignments: Audit Committee member; designated “Audit Committee financial expert” .
- Independence: Board determined all nominees except the CEO are independent; nine of ten director nominees are independent .
- Attendance and engagement: Board held 6 meetings; each incumbent director attended at least 75% of Board and committee meetings on which they served. Regular executive sessions of independent directors held quarterly; independent Chair presides .
- Committee activity: Audit met 4 times; HR met 5; Governance & Nominations met 4 .
- Oversight: Audit Committee responsibilities include financial reporting, internal controls, ERM oversight, cybersecurity updates, and auditor independence/pre-approval .
- Say-on-pay indicator: 93% approval in 2024, reflecting investor support for compensation governance .
Fixed Compensation (Independent Director)
| Component | FY2025 Amount | Detail |
|---|---|---|
| Annual cash retainer | $100,000 | Standard outside director retainer |
| Committee chair fee | $0 | Not a chair; chair fees apply only to chairs |
| Meeting fees | $0 | Not disclosed; compensation structured via retainers |
| Annual equity grant (RSUs) | $199,999 | Grants made at Annual Meeting; time-based vesting; 1-year cliff |
| Total FY2025 | $299,999 | Sum of cash and equity grant-date fair value |
Notes:
- Program change: Board eliminated stock options for directors effective Nov 2024; equity 100% RSUs targeted at $200,000 .
- As of June 28, 2025, each independent director held 3,509 unvested RSUs; Elkins had 5,280 outstanding stock options (legacy awards) .
Performance Compensation
- Tapestry does not use performance-based pay for non-employee directors. Annual director equity is time-vested RSUs with one-year cliff vesting; no TSR/financial metric linkage for director awards .
Other Directorships & Interlocks
| Company | Role | Committee Positions | Potential Conflict with TPR |
|---|---|---|---|
| None disclosed | — | — | No public board interlocks disclosed; no related-party transactions identified for FY2025 . |
Expertise & Qualifications
- Financial/accounting depth: Multi-company CFO, audit and financial reporting oversight; “financial expert” designation on Audit Committee .
- M&A/Capital Allocation: Extensive M&A and strategic finance background cited in biography .
- Global operations: Senior roles across global healthcare and consumer businesses .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 7,121; less than 1% of outstanding |
| Options exercisable within 60 days | 5,280 shares via options |
| Unvested RSUs (as of FY2025 year-end) | 3,509 RSUs |
| Ownership guideline | 5x basic annual retainer ($100k); comply within five years; retain 50% of net shares until met |
| Compliance status (Dec 31, 2024) | All independent directors in compliance; Elkins making appropriate progress toward 5x threshold given tenure <5 years |
| Hedging/derivatives | Prohibited by Insider Trading Policy |
Governance Assessment
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Strengths:
- Deep financial oversight capability and designated audit financial expert; strengthens Audit Committee effectiveness .
- Clear independence and regular executive sessions led by independent Chair; strong board structure .
- Director stock ownership policy enforces alignment; Elkins progressing toward ownership threshold; all directors compliant .
- No related-party transactions involving Elkins in FY2025; GN Committee reviews any related-person transactions under formal policy .
- Investor support: high say-on-pay approval (93%), reflecting confidence in compensation oversight .
-
Compensation and alignment:
- FY2025 director mix: $100k cash retainer + $200k RSUs, with option usage eliminated, aligning director pay with stock performance via time-vested equity .
- Legacy options remain outstanding but no new option grants to directors post-Nov 2024 .
-
Risk indicators and RED FLAGS:
- No red flags identified: no related-party transactions, hedging prohibited, robust clawback for officers, and auditor independence oversight in place .
- Time-commitment policy monitored by GN Committee; Elkins serves as a sitting CFO but within governance norms; no policy breach disclosed .
-
Engagement and attendance:
- At least 75% attendance across Board/committees and ongoing director education; regular risk, AI, and cybersecurity updates indicate engaged oversight .