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Shuffle Board: Retailers Shook Up Corporate Teams This Week

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corporate team shake up

Walmart

One week after Walmart said it would be cutting 450 jobs at its Bentonville, Arkansas, headquarters, the retailer announced Friday that 21-year veteran Charles Holley would be retiring from his role as chief financial officer and named Brett Biggs as his successor, effective Dec. 31.

Holley, who had served as CFO since 2010 and was executive vice president prior to that, will stay on until Jan. 31, to help with the transition.

Biggs joined the company in 2000 and has held a variety of roles since, including senior vice president and CFO of Sam’s Cub and CFO of Walmart U.S. Most recently he served as executive vice president and CFO of Walmart International.

“Having had a variety of important roles in all three of Walmart’s business segments, Brett is well prepared,” President and CEO Doug McMillon said in a statement. “He thoroughly understands Walmart’s operations, how we intend to compete in a dynamic and changing retail environment and how we can best serve customers, associates and shareholders.”

Banana Republic

Less than 10 days after Gap Inc. lost Old Navy’s global president, Stefan Larsson, to Ralph Lauren, Banana Republic Creative Director Marissa Webb has stepped down.

The designer, who has her own eponymous label and spent a decade at J.Crew, was hired in April 2014 to refresh Banana, but results released Thursday showed the retailer’s sales fell slipped 10 percent in September, compared to a 2 percent gain last year.

While Webb will stay on in an advisory role, Gap Inc. is not filling the vacant position and sources have said management intends to take a more collaborative approach to creative operations.

Tilly’s

Irvine, California-based Tilly’s on Wednesday announced that Daniel Griesemer, president, CEO and company director, was leaving his posts, effective immediately, and that former executive Edmond Thomas would return to lead the specialty retailer.

Thomas served as Tilly’s president and co-CEO from September 2005 to October 2007 and was most recently the CEO of troubled retail chain Wet Seal. No reason was offered for Griesemer’s sudden departure.

“Based on his track record, extensive industry experience and depth of insight into Tilly’s, Ed is uniquely qualified for this position,” said Hezy Shaked, executive chairman of the company’s board of directors. “In addition to his broad-ranging operational and strategic experience, Ed’s leadership skills and passion make him the ideal choice to lead Tilly’s into the future and we are confident that under his direction, we can drive long-term growth and profitability and create significant value for stockholders.”

Tilly’s sells West Coast-inspired apparel, footwear and accessories online and at 219 stores across the country. It reported a 6 percent increase in net sales from $123 million to $130 million in its most recent quarter.

Ann Inc.

It’s been six weeks since Ascena Retail Group completed its acquisition of Ann Inc.—the owner of Ann Taylor and Loft—for $2.2 billion and the boardroom shuffle has begun.

Ascena said Wednesday that Kay Krill, president and CEO of Ann Inc., would cede her role to Gary Muto, the current president of Ann Brands, and transition to the parent company’s board of directors.

“The past 21 years at Ann has been the highlight of my retail career, especially growing the Loft brand from its inception,” Krill said in a statement, noting that Muto has worked closely with her for the past seven years on all aspects of growing the Ann Taylor and Loft brands, as well as the launch of Lou & Grey. “It has been my honor and privilege to lead our iconic brands, talented associates and create a purpose-driven culture that makes a difference in our associates’ and clients’ lives.”

The TJX Companies

Carol Meyrowitz, chief executive officer of The TJX Companies, is slated to become executive chairman of the board at the beginning of the company’s next fiscal year, which kicks off January 31, after nine years as CEO.

Ernie Herrman, who has served as president since 2011 and first joined TJX in 1989, has been named as Meyrowitz’s successor. Prior to his current role, he was in charge of Marmaxx Group, the company’s largest division, as well as HomeGoods and TJX Canada.

“The succession plan that the board has established gives me great confidence that we will have a seamless transition,” Herrman said.

Hurley

Nike Inc. on Tuesday announced that Bob Hurley will step down as chief executive officer of Hurley, the California surf apparel label he founded in 1998, and transition to a new role within the company.

“Bob is a legend in the surf and action sports industry who grew his passion into a globally recognized brand that stands for creativity, innovation and community,” Mark Parker, president and CEO of Nike, said in a press release. “We look forward to continuing our work together to build the Hurley brand globally.”

Bob Coombes, vice president and general manager of Hurley, will take on management of the business, reporting to Jayme Martin, vice president and general manager of global categories at Nike.

Tommy Bahama

Oxford Industries has appointed Douglas Wood as CEO of its Tommy Bahama brand, effective January 30, replacing Terry Pillow, who will retire at the end of the fiscal year but continue to serve in an advisory role.

Wood joined the company as COO in 2001 and was named president in 2008. For the past 14 years, he’s been responsible for all aspects of Tommy Bahama’s financial and operating functions, helping to transform it from a $200 million wholesale-focused company to a direct-to-consumer-driven lifestyle brand worth more than $600 million.

“With Doug at the helm and a great creative team on board, the future is bright at Tommy Bahama,” said Thomas Chubb, chairman and CEO of Oxford Industries.

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