Federica Marchionni Steps Down from Lands’ End and its Board of Directors
Joseph Boitano andJames GoochAppointed Co-Interim Chief Executive Officers
Board Has Commenced Search for Permanent CEO
DODGEVILLE, Wis., Sept. 26, 2016 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ:LE) today announced that Federica Marchionnihas stepped down from her role as Chief Executive Officer andresigned asa Director. Its Board of Directors has appointedJoseph Boitanoand James GoochCo-Interim Chief Executive Officers, effective immediately.
Mr.Boitano currently serves asExecutiveVice President and Chief Merchandising and Design Officer,and Mr. Gooch currently serves asExecutive Vice President and Chief Operating and Financial Officer.The BoardhasengagedHeidrick & Struggles, a leading global executive search firm,to assistwith identifying a permanent CEO. The search will consider both internal and external candidates.
Josephine Linden, Chairman ofthe Board of Lands' End, said:“On behalf of the entire Board, I want to thank Federica for herdedication and contributions to Lands’ End.Hercreativevision has helpedLands’ Endbegin itstransformationas aglobal lifestyle brandwith a broader merchandise offering thatismorerelevantin today’s marketplace. Federicais stepping down at this time,leavingLands’ End well positioned tocontinue its evolution and capture thegrowth opportunitiesthat existforour iconicbrandin thisdynamic retail environment.”
Ms. Marchionni said: "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. However, the Board of Directors and I have agreed it is time for others to bring Lands’ End into the future. I thank everyone who supported me in this journey and wish Lands' End the very best."
Mrs. Linden continued:“Joe and Jimareseasoned retail executiveswitha deep understandingofand appreciation forLands’ End’svalues, customer base and growth opportunities, and we are delighted that they have agreed to expand their roles during this interim period.The Board is confident that Jim’s financial and operational acumenin consumer retail, combined with Joe’s widely recognizedapparelmerchandising and design expertise, make them the right fit to lead Lands’ Endas Co-Interim CEOs.As we move forward, we remaincommittedtobuilding onGary Comer’slegacy of keeping Lands’End at the forefront of innovation in the retail industry and returning tosustained, profitable growthfor the benefit of all our stakeholders.”
Commenting on their appointments, Mr.Boitano and Mr. Gooch,said, “Weare honoredby the opportunity to lead Lands’ Endas a team atthis pivotal time, and we look forward to working to drive improved financial performance and enhance the customer shopping experience while Lands’ End finds its next CEO.”
Joseph Boitano Biography
Mr. Boitano joined the Company in June 2015 as Executive Vice President and Chief Merchandising and Design Officer. From 1999 until February 2014, he served in positions with increasing levels of responsibility with Saks Incorporated, a luxury retailer, most recently as Saks Fifth Avenue Group Senior Vice President and General Merchandise Manager, Women’s Ready to Wear and Children’s. Earlier in his career he was employed by Bergdorf Goodman and I. Magnin.
James Gooch Biography
Mr. Gooch joined the Company as Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer in January 2016. From March 2014 until December 2014, he served as Co-Chief Executive Officer and Chief Administrative Officer of DeMoulas Supermarkets, Inc. He served as President and Chief Executive Officer of RadioShack Corporation, an electronics retailer, from May 2011 to October 2012, as President and Chief Financial Officer of RadioShack Corporation from January 2011 to May 2011, and as Chief Financial Officer of RadioShack Corporation from August 2006 to January 2011. Earlier in his career he was employed by Helene Curtis, The Quaker Oats Company, Kmart Corporation, and Sears Holdings. Mr. Gooch has served as a member of the board of directors of Sears Hometown and Outlet Stores, Inc. from March 2013.
About Lands' End, Inc.
Lands' End, Inc. (NASDAQ:LE) is a leading multi-channel retailer of clothing, accessories, footwear and home products. We offer products through catalogs, online atwww.landsend.com,www.canvasbylandsend.comand affiliated specialty and international websites, and through retail locations, primarily at Lands' End Shops at Sears® and standalone Lands' End Inlet® Stores. We are a classic American lifestyle brand with a passion for quality, legendary service and real value, and seek to deliver timeless style for men, women, kids and the home.
Sard Verbinnen & Co
Matt Benson / Andrew Duberstein
Lands' End, Inc.
Vice President of Public Relations
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