Retail Shuffle
Is it just me, or does it seem like the past two months or so have seen an unusually high level of turnover at the top? It's gotten so that you need a scorecard to keep up with all the comings and goings, as chief executives are forced out, jump ship, retire or move on.
This year's changing of the guard is bittersweet because it includes the retirement of two veteran retailers, Steve Burd of Safeway and Maxine Clark of Build-A-Bear Workshop.
Burd is stepping down after 20 years at the helm of Safeway, where he carved a reputation as one of the supermarket industry's most innovative CEOs. Under his leadership, Safeway became a recognized leader in health care with its cutting-edge wellness and insurance programs.
As for Clark, she is leaving the company she founded in 1997 (after having already put in 20-plus years in retail). She withdrew a big chunk of savings from her retirement account to get Build-a-Bear Workshop off the ground, growing it from a single location to a global enterprise. Often imitated, but never duplicated, Build-A-Bear Workshop pushed the envelope of experiential retailing.
At presstime, a successor had yet to be named for either Burd or Clark. Both are going on to pursue their long-standing interests: Burd in health care, and Clark in public education. I wish them well.
Safeway and Build-A-Bear Workshop are by no means the only retail companies searching for a new chief executive. The hunt is also on at Recreational Equipment (REI), where CEO Sally Jewell is waiting to be confirmed by the Senate as the nation's Interior Secretary.
Another retailer in search of a CEO is Toys "R" Us, which said in February that Gerald Storch would step down as chief executive. He will remain in his role as chairman.
Also looking: Ulta Beauty. Its CEO took the reins of Michaels Stores.
But while some retailers are looking for new leadership, a number of companies have already brought on new CEO talent. Here's a quick recap (all appointments are effective in the year 2013):
- Cache: Jay Margolis, Feb. 5. Most recently, president and CEO of Limited Brands' Apparel Group (Express and Limited Stores);
- Gymboree Corp.: Mark Breitbard, Jan. 14. Most recently, president of Gap North America;
- Lane Bryant: Linda Heasley, Feb. 18. Most recently, president and CEO of The Limited;
- Michaels Stores: Chuck Rubin, Feb. 14. Most recently, president and CEO of Ulta Beauty;
- PetSmart: David K. Lenhardt, June 14. Most recently, president and COO of PetSmart;
- RadioShack: Joe Magnacca, Feb. 11. Most recently, executive VP and president of Daily Living Products and Solutions for Walgreen Co.;
- Supervalu: Sam K. Duncan, Feb. 4. Most recently, chairman, CEO and president of OfficeMax; and
- Wet Seal: John D. Goodman, Jan. 7. Most recently, executive VP, chief apparel and home officer of Sears Holdings.
Finally, let's not forget Sears Holdings. In February, the chain's fourth CEO in seven years, Lou D'Ambrosio, stepped down due to a family health matter. Sears didn't do much searching: Chairman Eddie Lampert, majority owner of the company, named himself CEO.