US retailer Destination Maternity, together with its CEO Marla Ryan, has extended the date by which they intend to enter into a new and more complete employment agreement.

Ryan, an apparel industry veteran and former Lands' End and J.Crew executive, was appointed to the role of CEO in June, replacing Melissa Payner-Gregor, who served as interim CEO since January 2018.

Payner-Gregor was the second interim chief executive for the retail group since the departure of Anthony Romano in September last year as part of a mutual agreement. 

Now, Destination Maternity says, together with Ryan, it has extended from 30 July 2018 to 30 September 2018, the date by which they intend to enter into a new and more complete employment agreement.

In addition, the retailer's Compensation Committee of the board of directors has commenced a formal review of Destination Maternity's corporate compensation and benefits programme; a process that is understood to take about three months.

As such, Ryan's annual and long-term incentives, as well as her total compensation package will be designed to align with the retailer's new policies following the review.

"Since late May 2018, the Compensation Committee has commenced a comprehensive review of the company's pay practices with the goal of establishing a stronger link between pay and performance," explains board chair Anne-Charlotte Windal. "The Compensation Committee has determined it is in the company's best interests to extend Marla Ryan's initial employment contract while the comprehensive review is in process so that Ms Ryan's new employment agreement can incorporate the results of the Committee's comprehensive review."

Yesterday (30 July), Destination Maternity announced it has filed a universal shelf registration statement that will allow it to offer and sell up to US$75m of a variety of its securities over the next three years.