- Prachi Singh |
Lands' End Chief Executive Federica Marchionni has stepped down from her role as Chief Executive Officer and resigned as a Director. Its Board of Directors has appointed Joseph Boitano and James Gooch as Co-Interim Chief Executive Officers, effective immediately.
Media reports suggest that the board was not happy with the way Marchionni brought in quick fashion changes within the 19 months of her career. Industry insiders speculate that the new styles introduced by the former Ferrari and Dolce & Gabbana executive didn’t quite gel with the views of employees at the catalogue retailer. At the same time, the company also reported a loss of 7.7 million dollars for the six months ended July 29, compared with a profit of 9.2 million dollars a year ago. Sales declined 7.6 percent to 565 million dollars against the prior year period.
Fedrica Marchionni quits as CEO
Commenting on Marchionni’s departure, Josephine Linden, Chairman of the Board of Lands' End, said, "On behalf of the entire Board, I want to thank Federica for her dedication and contributions to Lands' End. Federica is stepping down at this time, leaving Lands' End well positioned to continue its evolution and capture the growth opportunities that exist for our iconic brand in this dynamic retail environment."
“I am honoured to have led this extraordinary company and proud to have succeeded in providing a vision to expand its positioning in the industry with a multi-dimensional strategy. However, the Board of Directors and I have agreed it is time for others to bring Lands' End into the future,” said Marchionni.
Joseph Boitano and James Gooch step in as Co-CEOs
Boitano joined the company in June 2015 as Executive Vice President and Chief Merchandising and Design Officer. From 1999 until February 2014, he served in positions with increasing levels of responsibility with Saks Incorporated, a luxury retailer, most recently as Saks Fifth Avenue Group senior vice president and general merchandise manager, women's ready to wear and children's. Earlier in his career he was employed by Bergdorf Goodman and I. Magnin.
Gooch joined the company as Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer in January 2016. From March 2014 until December 2014, he served as co-chief executive officer and chief administrative officer of DeMoulas Supermarkets. He served as president and chief executive officer of RadioShack Corporation, an electronics retailer, from May 2011 to October 2012, as president and chief financial officer of RadioShack Corporation from January 2011 to May 2011, and as chief financial officer of RadioShack Corporation from August 2006 to January 2011.
Earlier in his career he was employed by Helene Curtis, The Quaker Oats Company, Kmart Corporation, and Sears Holdings. He has served as a member of the board of directors of Sears Hometown and Outlet Stores from March 2013.