Lands’ End Inc. issued a news release this morning announcing that its CEO, Federica Marchionni, has stepped down and resigned as a director.
According to the release, the Dodgeville-based clothing retailer’s board of directors appointed Joseph Boitano and James Gooch co-interim CEOs, effective immediately, while the company begins its search for a new CEO. Boitano currently serves as executive vice president and chief merchandising and design officer, while Gooch is executive vice president and chief operating and financial officer.
Lands’ End has hired Heidrick & Struggles, a leading global executive search firm, for the CEO search. Both internal and external candidates will be considered for the CEO position.
Per the Wisconsin State Journal, Lands’ End recently recorded a net loss for the second quarter, its third consecutive quarterly net loss. The company reported a net loss of $7.7 million, or 24 cents a share, in the first six months of 2016, on revenue of $565.4 million compared with net income of $9.2 million, or 29 cents a share, on $611.8 million in revenue for the first half of 2015.
