David F. Dyer, president and CEO of women’s clothing retailer Chico’s FAS Inc., will retire at the end of the fiscal year. Dyer will continue to serve in his present role until a successor is appointed and will remain on the company’s board as vice chairman until June 2016.
Dyer took the helm at Chico’s, which includes its namesake brand as well as White House Black Market, lingerie label Soma and online and catalog retailer Boston Proper, in January 2009, after joining the company’s board of directors in 2007. His career began at Burdines, a division of Federated Department Stores in Miami, Florida, and he rose through the ranks over 17 years to become senior vice president of merchandise and marketing. Later on he served as CEO of both Tommy Hilfiger and Lands’ End.
“From the moment he took the reins in early 2009, he led significant and positive changes on all fronts: merchandise, marketing and technology, while also accelerating our push into omnichannel and laying the foundation for global expansion. We thank him for his strong commitment to driving results and further enhancing our unique corporate culture, which emphasizes service as a key competitive differentiator,” said Ross Roeder, non-executive chairman, in a statement.
During Dyer’s tenure as Chico’s president and CEO, the company said it’s added more than $1 billion in sales, improved profitability from a net loss of $20.5 million in 2008 and returned more than $1 billion to shareholders through dividends and repurchases.
Earlier this year, private equity firm Sycamore Partners abandoned its attempts to buy Chico’s after it failed to secure financing. In February, the company announced plans to close a total of 120 stores through 2017 and eliminate 240 existing jobs in an effort to shore up finances after reporting a fourth-quarter loss of $31.8 million. Earnings for the quarter ended May 1 will be announced on Wednesday.