The firm did not immediately name a replacement, but industry insiders expect CEO Kay Krill will tap someone quickly to push forward with the retailer's turnaround efforts.
A key manager at troubled specialty retailer Ann Taylor Stores Corp. has resigned. Anthony Romano vacated his post as chief supply chain officer to pursue other interests, the company announced Tuesday.
Although the firm did not immediately name a replacement, industry insiders expect Ann Taylor Chief Kay Krill to tap someone quickly, as Mr. Romano’s successor will be vital to the company’s turnaround progress.
The success of a supply chain manager can make or break a retailer these days. As consumers have begun demanding faster fashion and higher quality, supply chain managers must work harder than ever to protect their bottom lines, even as gasoline prices and global quotas raise costs.
“Supply chain management is a critical support,” said Jacqui Marcus, vice president of Karen Harvey Consulting Group, an executive search firm that specializes in retail. “The candidates to lead this function need to have diversified experience and understanding of these complexities.”
Ann Taylor, which operates both an eponymous chain and a younger-skewing chain called Loft, has struggled with its supply chain in recent years. At times, it has missed key fashion trends by featuring too little color or too few dresses, and the company has yet to get both of its chains on track at the same time.
Separately Tuesday, Ann Taylor also expanded the duties of two executives. Brian Lynch, president of the company’s outlet division, will take over the firm’s e-commerce business and corporate real estate under the title of president of corporate operations. He already oversaw corporate store operations. Separately, Michael Nicholson, currently an executive vice president and chief financial officer, will start managing the company’s information technology and global procurement duties.
“I am very pleased to acknowledge the outstanding leadership that Brian and Mike have demonstrated, as the business evolves and we position the company for future growth,” Ms. Krill noted in a statement.
Earlier this year, Ann Taylor laid off 180 employees at its headquarters and announced plans to shutter nearly 120 stores to cut costs. Last year, the company reported earnings of $1.55 per share on sales of $2.4 billion.
The company’s shares gained 36 cents, or 1.7%, to close the day at $21.58.
0 comments:
Post a Comment