Lands’ End, Inc. (LE) Stock Sinks as CEO Steps Down After Less Than 2 Years

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Lands’ End, Inc. (NASDAQ:LE), a casual apparel retailer, saw its stock drop on Monday after it announced that CEO Federica Marchionni is stepping down.

Lands' End, LE Stock, Federica MarchionniFederica Marchionni is stepping down from her role as CEO of Lands’ End after less than two years. She will also no longer be a part of the company’s Board of Directors. A reason for the CEO leaving LE wan’t given, but she said the decision was agreed on by both her and its Board of Directors.

Lands’ End also announced that it will be filling the CEO role with two interim CEOs after Federica Marchionni’s departure. The two will be Joseph Boitano and James Gooch. The interim co-CEOs were selected by the company’s Board of Directors.

Joseph Boitano is the Executive Vice President and Chief Merchandising and Design Officer at Lands’ End. James Gooch serves as the company’s Executive Vice President and Chief Operating and Financial Officer.

Lands’ End has reached out to Heidrick & Struggles, a global executive search firm, to help it find a permanent replacement for Marchionni. The retail company will be considering both internal and external candidates in its search for a new CEO.

“I am honored 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,” Federica Marchionni said in a statement. “I thank everyone who supported me in this journey and wish Lands’ End the very best.”

LE stock was down 13% as of Monday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/09/lands-end-federica-marchionni-le-stock/.

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