CLIENT:
S P E C I A L T Y R E T A I L E R
Case Study No.4
At the time, this client was a $2 billion national, multi-channel, retail co-op with more than 5 million active members. Although the Company maintained a leadership position in the industry, revenues were flat and profitability was eroding as the competitive landscape became increasingly sophisticated, including traditional retailers and new competitive entries such as Amazon.
THE ASSIGNMENT:
SEARCH & PLACE A NEW CEO
[ after an unexpected departure ]
CONTEXT & CHALLENGES:
The CEO departed the business unexpectedly when tapped by the President of the United States to become part of his Cabinet. It was a pivotal time for the Company as the very successful, organizationally- grown business emerged into a complicated retail landscape. There were significant gaps in the skillset of the organization, with a noticeable lack of retail industry experience among the senior team. The Board was seeking an accomplished retail executive with strong leadership competency and retail operating experience to thrive in an increasingly complex and competitive future. Other key attributes included:
- Merchant grown retail leader with experience in multi-channel, or omni-channel, lifestyle retail environment.
- Demonstrated track record of success driving top and bottom line growth.
- Leadership competencies able to attract, groom and grow talent for the future.
- Tech savvy.
- Understanding and appreciation for the Millennial and Generation C consumers.
RESULTS:
- The former President and COO of a premier accessories brand was placed as the Chief Executive Officer, bringing a deeper experience in retail operations, lifestyle brand-building and all aspects of product development including the production supply chain.
- Experience included guiding the previous post well through the recession years, profitably increasing sales from $1.6 to $5.1 billion. Sales increased in retail, e-commerce and wholesale divisions.
- With proven outdoor enthusiasm as an annual 14,000 ft. mountain climber, it was an obvious cultural fit.
- Although the Client does not report revenue or earnings, in conversation with the Board of Directors we understand that business is “terrific” and the new CEO “has been a great find."
