Scott Roe
TAPESTRYAbout Scott Roe
Scott Roe is Tapestry’s Chief Financial Officer and Chief Operating Officer; he joined Tapestry on June 1, 2021 and assumed the combined CFO/COO role in August 2022. He is 60 years old and holds a Bachelor of Science in Accounting from the University of Tennessee; prior to Tapestry he was CFO and an executive leader at VF Corporation, with earlier roles at Ernst & Young and in automotive/basic materials industries . During FY2025, Tapestry delivered record net sales of $7,010.7 million and non-GAAP diluted EPS of $5.10, with 1-year TSR of 108.35% and 3-year TSR of 209.57% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| VF Corporation | Chief Financial Officer; Executive Vice President | CFO: 2015–2021; EVP: 2019–2021 | Oversight of finance, IR, corporate development, treasury, tax, FP&A, sustainability, global business technology; developed global multi-brand platform execution |
| VF Corporation | VP Controller & Chief Accounting Officer; VP Finance (Jeanswear & Imagewear); CFO International | 1996–2015 (various) | Global finance leadership, brand/coalition finance, international expansion |
| Ernst & Young; OEM Automotive; Basic Materials | Early career roles | Pre-1996 | Audit/financial foundations |
External Roles
No public company board roles disclosed for Scott Roe .
Fixed Compensation
| Element | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | $925,000 | $965,385 (paid); rate $975,000 after 5% increase | $975,000 |
| Target Annual Incentive (% of Salary) | 125% | 125% | 125% |
| Actual AIP Paid ($) | $1,019,813 | $1,590,469 | $2,308,313 |
Performance Compensation
Annual Incentive Plan (AIP) – FY2025
- Metrics and weights (Tapestry enterprise for Roe): Net Sales 35%; Operating Income 30%; Gross Margin 35% .
- Certified results and payout factors: Net Sales 200%; Operating Income 165%; Gross Margin 200%; weighted payout 189.4% (operational modifier at target, no adjustment) .
- Award outcome: Target $1,218,750; payout 189.4% → $2,308,313 .
| Metric | Weight | FY2025 Target vs Result | Payout Factor |
|---|---|---|---|
| Net Sales | 35% | Target $6,845.5mm; Result $7,024.1mm | 200.0% |
| Operating Income (ex-AIP) | 30% | Target $1,452.3mm; Result $1,574.4mm | 165.0% |
| Gross Margin | 35% | Target 73.8%; Result 74.9% | 200.0% |
| Weighted Average | — | — | 189.4% |
| Operational Modifier | ±10% | Achieved at target → 100% | No change |
| Final AIP Payout ($) | — | Target $1,218,750 | $2,308,313 |
Long-Term Incentives – FY2025 Grants (Aug 19, 2024)
- Mix: Stock Options, PRSUs (Sales/ROIC/Relative TSR), RSUs .
- Grant details: 124,378 options at $40.58; 36,964 target PRSUs; 18,482 RSUs; grant-date values $1,499,996, $1,715,129, and $750,000 respectively .
| Instrument | Shares | Exercise/Grant | Vesting | Grant-Date Value ($) |
|---|---|---|---|---|
| Stock Options | 124,378 | $40.58 | 25% annually over 4 years | $1,499,996 |
| PRSUs (target) | 36,964 | $40.58 | 3-year performance period (FY25–FY27); payout 30%–200% | $1,715,129 |
| RSUs | 18,482 | $40.58 | 25% annually over 4 years | $750,000 |
- PRSU performance structure and peer set: Equal weighting across Sales, ROIC, and Relative TSR; TSR measured vs a defined apparel/luxury peer group (e.g., adidas, Burberry, PVH, Ralph Lauren, VF, etc.), payout: bottom quartile 0%, threshold 30%, median 100%, top quartile 200% .
- Completed cycle (FY23–FY25 PRSU): Roe earned 47,609 shares at 118.3% of target .
Equity Ownership & Alignment
| Ownership Measure | Detail |
|---|---|
| Beneficial Ownership | 214,530 shares; less than 1% of class |
| Options within 60 days | 151,417 shares exercisable within 60 days as of Aug 31, 2025 |
| Stock Ownership Guidelines | CFO/COO required to hold 3x salary; retain 50% of net shares until met |
| Compliance Status | As of Dec 31, 2024, all NEOs met required ownership levels |
| Hedging/Pledging | Hedging/derivatives prohibited; no disclosure of pledging language |
| FY2025 Liquidity Events | Options exercised: 89,877 ($4,654,900 realized); stock vested: 46,557 ($2,055,757); 22,632 shares withheld for taxes |
Outstanding Equity Awards (as of FY2025 year-end)
| Category | Grant Date | Terms | Unexercised/Unvested |
|---|---|---|---|
| Stock Options (Exercisable) | 6/1/2021 | $44.97; exp. 6/1/2031 | 57,541 |
| Stock Options (Unexercisable) | 8/22/2022 | $35.41; exp. 8/22/2032 | 54,188 |
| Stock Options (Unexercisable) | 8/21/2023 | $33.81; exp. 8/21/2033 | 107,059 |
| Stock Options (Unexercisable) | 8/19/2024 | $40.58; exp. 8/19/2034 | 124,378 |
| RSUs (Unvested) | 8/22/2022 | 25% annually | 10,061 (MV $876,401) |
| RSUs (Unvested) | 8/21/2023 | 25% annually | 17,657 (MV $1,538,059) |
| RSUs (Unvested) | 8/19/2024 | 25% annually | 18,897 (MV $1,646,112) |
| PRSUs (Earned FY23–25) | 8/22/2022 | Certified 118.3% | 47,609 (MV $4,147,227) |
| PRSUs (In-progress) | 8/21/2023 | FY24–26 cycle | 94,167 (MV $8,202,882; assumes max) |
| PRSUs (In-progress) | 8/19/2024 | FY25–27 cycle | 75,588 (MV $6,584,446; assumes max) |
Note: Market values reflect $87.11 closing price on June 27, 2025, and for in-progress PRSUs show values assuming maximum performance per proxy disclosures .
Employment Terms
| Term | Key Provisions |
|---|---|
| Employment Start | June 1, 2021 (CFO & Head of Strategy); CFO & COO since Aug 2022 |
| Contract Structure | Offer letter; no fixed term; six months’ notice required for voluntary resignation |
| Non-Compete / Garden Leave | Company may pay up to 12 months’ salary ($975,000) to enforce non-compete post-separation; six-month notice allows injunction and clawbacks for non-compliance |
| Severance (Without Cause/Good Reason) | 12 months base salary + health benefits continuation; AIP not included unless specified by plan |
| Change-in-Control | Double-trigger equity acceleration; PRSUs accelerated at target if CIC before performance completion |
| Termination Economics (Illustrative) | Without Cause/Good Reason: total $18,656,813; Change-in-Control: total $38,209,007; Death/Disability: $34,872,312 |
| Clawbacks | SEC/NYSE-compliant clawback for incentive comp (cash/equity) on restatements; separate misconduct/negligence policy; repayment provisions in LTI award agreements |
| Tax Gross-ups | No excise tax gross-ups upon change-in-control; no perquisite gross-ups (except standard relocation costs) |
| Deferred Compensation | EDCP contributions: $260,081 (exec) + $46,200 (company) in FY2025; aggregate EDCP balance $2,458,561 |
| Perquisites (FY2025) | Company contributions to qualified DC plans $14,000; EDCP match $46,200; life insurance $396; other $715 |
Performance & Track Record
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net Sales ($mm) | $6,660.9 | $6,671.2 | $7,010.7 |
| Diluted EPS (GAAP / Non-GAAP) | — | $3.50 / $4.29 | $0.82 / $5.10 |
| Gross Margin (%) | 70.8% | 73.1% | 74.9% |
| TSR (Cumulative) | — | 1-year: 3.74%; 3-year: 10.13% | 1-year: 108.35%; 3-year: 209.57% |
| Additional Fundamentals | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| EBITDA ($mm) | $1,354.6* | $1,430.3* | $1,571.2* |
| EBITDA Margin (%) | 20.34%* | 21.44%* | 22.41%* |
Values with asterisk retrieved from S&P Global.
Execution context:
- Roe has led investor-facing and operational updates around tariff shifts (e.g., de minimis removal) and guided margin discipline and SG&A leverage, positioning Tapestry for prudent assumptions and cash-return robustness (e.g., $800m buybacks in FY2026 guidance) .
Compensation Structure Analysis
- Pay-for-performance emphasis: AIP heavily weighted to Net Sales, Operating Income, and Gross Margin (FY2025 weighted payout 189.4%) .
- Mix shift ahead: FY2026 LTI raises PRSU weight to 50% (from 40% FY2025), reducing options to 25% and RSUs to 25%—increasing performance-contingent equity .
- Governance protections: Double-trigger equity acceleration on CIC; no excise tax gross-ups; robust clawbacks; minimum notice requirement deters opportunistic departures .
- FY2025: No salary increases for NEOs; Roe’s compensation rose on performance (AIP) and standard annual LTI .
Say-on-Pay & Peer Group
- Say-on-Pay approval: ~93% in 2024; ~94% in 2023—consistent shareholder support .
- Compensation peer group: Apparel, luxury, and consumer peers (e.g., Richemont, Lululemon, PVH, Ralph Lauren, VF, Williams-Sonoma, Levi’s, Coty, Under Armour, AEO, Gap, Capri), with Tapestry at ~49th percentile revenue and ~74th percentile market valuation vs peers .
Investment Implications
- Alignment: Strong pay-for-performance link (AIP and PRSUs) and 3x salary ownership guideline, with compliance achieved—reduces agency risk .
- Retention risk: Balanced severance (12 months + benefits) and rigorous notice/non-compete enforcement; FY2026 LTI becomes more performance-heavy, further binding senior talent .
- Trading signals: FY2025 option exercises and RSU vesting created supply; however, policy-level tax withholding on vesting and absence of hedging plus high Say-on-Pay support mitigate concern of opportunistic selling pressure .
- Execution: Roe’s tariff and SG&A strategy underscores operational discipline amid macro headwinds; record FY2025 non-GAAP EPS and TSR support confidence in capital allocation and margin expansion trajectory .