Express CEO out; taps former Tysons Foods exec as new leader
Express Inc. has tapped a consumer products veteran as its next chief executive.
The fashion apparel retailer has appointed Stewart Glendinning CEO and a member of the board, effective September 15. He succeeds Tim Baxter, who has resigned but will be available “as needed” to support a smooth transition.
In its release, Express said that Baxter’s resignation is unrelated to the company’s accounting or financial reporting. His departure comes just days after the retailer swung to a second-quarter net loss of $44.1 million amid falling sales and said it was taking “aggressive actions” to improve its bottom line.
Glendinning has more than 20 years of experience in the consumer products industry. For the past year, he has served as group president, prepared foods, Tysons Foods, managing brands brands such as Jimmy Dean, Hillshire Farm and Ball Park and leading the business to strong volume performance and market share gains across the retail brand portfolio, according to a release by Express.
Glendinning joined Tysons in 2017, as CFO. Prior to that, he spent eight years with Molson Coors Canada, including serving as CEO. Before joining Molson Coors in 2005, Glendinning worked with KPMG and then The Hackett Group, professional services companies where he held various senior audit and consulting roles.
“The Express board is confident that Stewart is the right person to reinvigorate performance and build the strongest possible foundation on which Express can succeed,” said Mylle Mangum, chairman. “He is a highly accomplished executive who will bring fresh thinking to the company and our strategies for profitable growth. Stewart shares the board’s belief that further operating improvements and greater financial discipline are needed to ensure that Express is best positioned to deliver significant, sustainable shareholder value.”
“Express has an outstanding portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform,” stated Glendinning. “Through a keen focus on execution and cost discipline, I am confident that we can better capitalize on these differentiators, increase the company’s financial strength and create shareholder value. I look forward to leveraging my experience and to working closely with the board and Express team to drive value creation for all our stakeholders.”
Express Inc. has 530 Express retail and factory outlet stores in the United States and Puerto Rico, 60 Bonobos Guideshop locations, 11 UpWest stores in addition to e-commerce sites.