Guess Loses Two Execs, Shares Fall

by Nate Wooley | November 2, 2012 2:19 pm

[1]It’s often not good when senior executives leave a firm. But that’s what has happened to Guess (NYSE:GES[2]) this week.

Guess Chief Financial Officer and Senior Vice President Dennis Secor and Chief Operating Officer J. Michael Prince will be leaving the firm before the new yea[3]r. Secor will depart on Dec. 7, 2012, and Prince’s last day will be Nov. 26, 2012. Both left to pursue other interests.

Nigel Kershaw, VP for finance and accounting, will become the interim CFO upon Secor’s departure. Guess has no direct plans to replace Prince. CFO responsibilities will be distributed throughout the firm to existing executives.

Shares in the clothing maker dropped more than 7% in after-hours trading on Thursday and had declined another 4.5% by noon on Friday.

More on clothing and retail:

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/07/Guess_retailer_630_flickr.jpg
  2. GES: http://studio-5.financialcontent.com/investplace/quote?Symbol=GES
  3. will be leaving the firm before the new yea: http://www.sacbee.com/2012/11/01/4955423/guess-inc-announces-senior-management.html
  4. Amazon May Buy Online Retailer Asos: http://investorplace.com/2012/10/amazon-may-buy-online-retailer-asos/
  5. As Sales Slow, True Religion May Sell Itself: http://investorplace.com/2012/10/as-sales-slow-true-religion-may-sell-itself/
  6. Walmart is Chugging on All Cylinders: http://investorplace.com/2012/10/walmart-is-chugging-on-all-cylinders-wm/

Source URL: http://investorplace.com/2012/11/guess-loses-two-execs-shares-fall/
Short URL: http://investorplace.com/?p=253205

Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.