Express failed to disclose nearly $1 million in perks to former CEO, SEC says

Express failed to disclose nearly $1 million in executive perks to the clothing retailer's former CEO, the Securities and Exchange Commission said Tuesday in saying it had settled charges against the company, which went bankrupt earlier this year.

The agency did not identify the former chief executive by name, but said it involved proxy statements for fiscal years 2019, 2020 and 2021, a period when Tim Baxter was CEO. The Macy's veteran joined Express in June 2019 and departed less than four years later.

"Express failed to disclose $979,269 worth of perks and personal benefits provided to its CEO, including certain expenses associated with the CEO's authorized use of chartered aircraft for personal purposes," the SEC stated.