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Chico's CEO Dyer to step down


Chico's CEO David Dyer, who laid "the foundation for global expansion," will retire next spring, the company announced.

Dyer will remain in his current role until a successor is appointed, and will remain on the board in the newly-created role of vice chairman until June 2016. The women’s specialty apparel retailer has retained executive search firm Herbert Mines Associates to assist in finding a new chief executive.

“From the moment he took the reins in early 2009, he led significant and positive changes on all fronts: merchandise, marketing, and technology, while also accelerating our push into omnichannel and laying the foundation for global expansion,” said Ross Roeder, non-executive chairman of Chico’s. “We thank him for his strong commitment to driving results and further enhancing our unique corporate culture, which emphasizes service as a key competitive differentiator."

Dyer joined the Chico's FAS board of directors in 2007, and became the company's president and CEO in January 2009. He previously served as CEO of Tommy Hilfiger, retiring from that position in 2006

Under his leadership, the company has added more than $1 billion in sales, improved profitability from a loss in 2008 and returned more than $1 billion to shareholders through dividends and share repurchases. As CEO of Tommy Hilfiger, retiring from that position in 2006.

Chico’s has experienced some recent difficulties, including an attempt by Sycamore Partners to purchase the company that was abandoned when financing could not be arranged. In the wake of an increasing fourth quarter net loss, Chico’s plans to close stores, reduce headcount and cut capital spending this year.

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