Retail CEO exits on the rise in 2014: 11 notable departures
There has been a spike in retail CEO exits in 2014. Here are 10 of the most notable.
It’s not your imagination.
There has been more turnover in retail’s highest ranks in 2014, and the departure of Abercrombie & Fitch’s ANF 1.69% longtime CEO Mike Jeffries on Tuesday after years of sales declines at the teen clothing retailer is only the latest example.
Indeed, outplacement firm Challenger, Gray, & Christmas has found an increase in U.S. retail CEO departures this year—with 41 through the end of October, compared to 30 in the comparable period last year.
It’s hardly surprising, given retail’s continued struggles five years into the economy recovery. While it is true that consumers are still price conscious and technology is changing their habits, CEOs have had time to get used to that, so the improving macro trends have given the laggards fewer excuses to hide behind.
Some of the changes have been orderly, such as Frank Blake leaving Home Depot HD -0.49% last month after a distinguished tenure, and Foot Locker’s FL -0.41% well regarded Ken Hicks, who just retiredlast week but will stay on as executive chairman until May to help his hand-picked successor settle in. But those retailers have done well.
In other cases, where retailers have had a tougher time, successions have been messier. On top of Jeffries’ departure, American Apparel’s founder Dov Charney wasousted in June amid accusations of impropriety of all sorts.
There have also been situations where a retailer, neither seriously declining nor thriving, just brought in needed new blood, as was the case with Wal-Mart Stores’ WMT -0.02% U.S. division.
Here are 10 of the most notable CEO changes (including J.C. Penney, which has been announced but will only happen next year) in retail’s corner offices in 2014.
(Updates to add Walgreen CEO’s announced departure once the proposed merger with Alliance Boots closes.)
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