Retail Movers & Shakers

A week does not go by without a significant promotion or appointment within retail companies — including merchants, industry associations as well as solution providers. Retail TouchPoints presents these updates via the Retail Movers & Shakers section, spotlighting the individuals and companies announcing important new executive developments.

Express Appoints Former Macy’s Exec As CEO

Express has appointed Timothy Baxter as its next CEO, ending a four-month search. Baxter will assume day-to-day leadership of the fashion retailer and join the company’s Board of Directors effective June 17. He succeeds interim President and CEO Matthew Moellering, who will revert to his original position of EVP and COO of the company. Baxter has the task of breathing life back into a 600-store business that has treaded water in recent years. Hampered by the departure of CEO David Kornberg in January, Express saw a Q4 loss of $1.1 million, with sales down 6% during the holiday season. For the full year, net sales declined 2% to $2.11 billion, while comparable store sales fell 1%. Net income in 2018 was $9.6 million, or $0.13 per share.

JCPenney Names Target Veteran To Top Customer Spot

JCPenney has tapped 25-year retail veteran Shawn Gensch as its new EVP and Chief Customer Officer (CCO), effective June 3. Gensch, who will report to CEO Jill Soltau, will be responsible for driving aggressive customer-centric strategies to grow traffic, engagement and customer retention. Tasked with revitalizing the company’s brand, Gensch also will oversee marketing initiatives across all channels, shape the company’s messaging and lead the development of an outstanding digital experience and increased customer loyalty.

Bed Bath & Beyond CEO Steps Down Amid Activist Investor Pressure

Bed Bath & Beyond CEO Steven Temares has resigned from his position and as a member of the company’s Board of Directors a few weeks after three activist investors called for him to “be held accountable for the company’s prolonged poor performance and destruction of shareholder value.” Mary Winston, former Executive VP and CFO at Family Dollar and Senior VP and CFO at Giant Eagle, has been appointed Interim CEO effective immediately. The board has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search process.

REI Moves Interim CEO To Permanent Role

REI has named interim chief executive Eric Artz as its permanent CEO, effective May 7. Artz had served as interim CEO since February, when Jerry Stritzke, who had served as President and CEO since 2013, resigned over an undisclosed relationship that appeared to reflect a conflict of interest. Since 2014, Artz was the company’s COO; he began at REI as CFO in 2012. Prior to that, he served as CFO and in other roles at Urban Outfitters, and he spent 17 years at VF Corp.

Home Depot Promotes Insider To Replace Retiring CFO

Carol Tomé, CFO and EVP of Corporate Services for The Home Depot, will retire on Aug. 31, 2019 after 24 years with the company. Richard McPhail, currently Senior VP of Finance Control and Administration, will be promoted to the CFO role following her retirement. “Since Carol was named our CFO in May 2001, we have delivered more than a 450% increase in value to our shareholders, due in part to her many contributions,” said Craig Menear, CEO and President of The Home Depot in a statement.

Walgreens Appoints 5 New Executives To Global Leadership Team

Walgreens has made several appointments to support and accelerate the company’s transformation efforts. Newly named executives include: Gunjan Bhow, Global Chief Digital Officer: Bhow will lead the retailer’s efforts to identify customer needs and develop new services, utilizing expertise gained from leadership roles at Disney, Amazon and Microsoft; Vineet Mehra, Global CMO: Mehra will draw upon experience from marketing roles at Johnson & Johnson, Avon and Procter & Gamble in his new position; Heather Dixon, Global Controller and Chief Accounting Officer: Dixon will oversee the global controllership organization; Annie Murphy, Global Chief Commercial Officer: Murphy will lead Global Brands and all commercial and third-party relationships; and Colin Nelson, Chief Global Supply Chain Officer: Nelson previously led industrial operations at Bunge and held senior roles at GlaxoSmithKline, Firmenich and Unilever. The new team is taking the reins at a time of rapid change for Walgreens and its competitors. Some of the retailer’s recent initiatives include: Launching CBD-infused topicals at 1,500 stores in nine states; Adding more than 8,000 locations to the Narvar Concierge network for e-Commerce pickups and returns; Voluntarily increasing the minimum age to purchase tobacco products to 21; Testing the launch of SmileDirectClub dental services at four stores.

Rothy’s Names Charlotte Russe Exec As CFO

Rothy’s has named Dayna Quanbeck as its new CFO. She will lead the finance, accounting, tax and treasury teams at the retailer, which transforms discarded plastic water bottles into footwear. Prior to Rothy’s, Quanbeck was VP of Finance, CFO and interim CEO at Charlotte Russe. She was a key partner to the company’s leadership team, managed investor relations and led negotiations for all in-house acquisition and restructuring initiatives. Quanbeck also spent seven years at Merrill Lynch, where she closed IPO deals for Express and Restoration Hardware.

Chico’s CEO Steps Down

Chico’s FAS CEO and President Shelley Broader has resigned from her roles, as well as from the company’s Board of Directors. Bonnie Brooks, former Vice Chair, President and CEO of Hudson's Bay Company and a current member of the Chico’s Board has been appointed Interim CEO, effective immediately. The executive change comes as Chico’s tries to reposition its three retail properties: flagship brand Chico’s, White House Black Market and Soma. But the repositioning effort has continued to be difficult, especially with the retailer having to close 250 stores across all three brands as part of it. The company said it was undergoing a review of its operations designed to identify opportunities to enhance the retailer’s capabilities and reduce costs. On April 24, Chico’s launched the TellTale intimate apparel brand, designed to target new women customers between 25 and 40 years old.

Kraft Heinz Appoints New CEO With An Eye On Organic Growth

Kraft Heinz has appointed Miguel Patricio as CEO, effective July 1. He will succeed Bernardo Hees, who has been with the manufacturer for six years and led the merger of Kraft and Heinz in 2015. Head of Strategic Projects Eduardo Pelleissone is also leaving the company effective June 30, according to CNBC.

Best Buy Promotes New CEO and President

Best Buy has promoted Corie Barry to CEO and Mike Mohan to President and COO, with both changes taking place June 11. Barry is currently CFO and Strategic Transformation Officer, while Mohan is the retailer’s U.S. COO. Current Best Buy CEO Hubert Joly will transition to the role of Executive Chairman of the Board, and the company will begin a search for a new CFO.

Stitch Fix Executive Leaving To Head Up Mizzen+Main

Stitch Fix General Manager of Men’s Clothing Chris Phillips is leaving the subscription retailer to become CEO of Mizzen+Main, according to CNBC. Kevin Lavelle, current CEO of Mizzen+Main, will join The Seminar Network and continue as chairman of Mizzen+Main’s board.

Hibbett Sports CFO Resigns Soon After CEO Announces Retirement

Just two weeks after Hibbert Sports President and CEO Jeff Rosenthal announced he would retire after more than 21 years with the company, the retailer revealed it would lose its second C-level exec at the end of April. Scott Bowman, Senior VP and CFO, will step down on April 26. Already looking for a replacement CEO, Hibbett Sports also will begin the search for Bowman’s successor.

Lidl, Blue Apron CEOs Step Down

Pictured: Jesper Højer (Left), Brad Dickerson (Right) The CEOs of two food retail players hoping to increase their U.S. footprint are leaving their roles — Jesper Højer, CEO of discount grocer Lidl, and Brad Dickerson, CEO of meal kit company Blue Apron, have both stepped down. Both had relatively brief tenures as CEO — Højer first took the post in February 2017, whereas Dickerson started as President and CEO in December 2017. Lidl Deputy Purchasing Director Ignazio Paternó has been named as Interim Leader until a full-time CEO is found, while Blue Apron went outside the company, bringing in Etsy COO Linda Kozlowski to fill the full-time role.
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