Vitamin Shoppe begins hunt for new CEO
The Vitamin Shoppe’s CEO is stepping down by “mutual agreement.”
Colin Watts will leave the company at the end of May.
His departure was announced by chairman Alex Smith during the company’s quarterly earnings call. Smith has been named executive chairman.
Watts’s departure comes on the heels of a disappointing year for the vitamin and nutritional products retailer. He joined the company as chief executive in April 2015.
“Overall, 2017 yielded disappointing results,” said Smith. “Over the past couple quarters, Vitamin Shoppe has begun a turnaround and signs of progress are already visible. We have also reached a mutual agreement with our CEO, Colin Watts to transition the business to new leadership by May. In my new role as executive chairman, I will work closely with our leadership team in that effort while we execute our search for a new CEO.”
Smith was named to the Vitamin Shoppe board almost one year ago. Previously, he served as president and CEO of Pier 1 Imports. From 2001 to 2007, Smith served as group president of the TJX Companies.
In a conference call with retail analysts, Smith and Watts contended that the underlying wellness market dynamics were strong.
“The market for wellness continues to have very attractive attributes, including solid underlying growth projected by multiple sources to be high-single digits, driven not only by baby-boomers’ obsession with quality of life, but also millennials and Gen Zers who’re spending even more than their parents on wellness, fitness and better-for-you products,” Watts said. “We’re facing the same situation we have for most of 2017. The vast majority, over 80% of our decline sits in the sports and weight management business.”
Smith and Watts are currently implementing a new strategy dubbed the “New Base Plan” that they expect will establish The Vitamin Shoppe brand as consumers’ wellness authority.
Colin Watts will leave the company at the end of May.
His departure was announced by chairman Alex Smith during the company’s quarterly earnings call. Smith has been named executive chairman.
Watts’s departure comes on the heels of a disappointing year for the vitamin and nutritional products retailer. He joined the company as chief executive in April 2015.
“Overall, 2017 yielded disappointing results,” said Smith. “Over the past couple quarters, Vitamin Shoppe has begun a turnaround and signs of progress are already visible. We have also reached a mutual agreement with our CEO, Colin Watts to transition the business to new leadership by May. In my new role as executive chairman, I will work closely with our leadership team in that effort while we execute our search for a new CEO.”
Smith was named to the Vitamin Shoppe board almost one year ago. Previously, he served as president and CEO of Pier 1 Imports. From 2001 to 2007, Smith served as group president of the TJX Companies.
In a conference call with retail analysts, Smith and Watts contended that the underlying wellness market dynamics were strong.
“The market for wellness continues to have very attractive attributes, including solid underlying growth projected by multiple sources to be high-single digits, driven not only by baby-boomers’ obsession with quality of life, but also millennials and Gen Zers who’re spending even more than their parents on wellness, fitness and better-for-you products,” Watts said. “We’re facing the same situation we have for most of 2017. The vast majority, over 80% of our decline sits in the sports and weight management business.”
Smith and Watts are currently implementing a new strategy dubbed the “New Base Plan” that they expect will establish The Vitamin Shoppe brand as consumers’ wellness authority.