Coldwater Creek replaces CEO as co-founder and chairman takes helm again

Sandpoint, Iowa Coldwater Creek announced Monday that co-founder and chairman Dennis Pence has assumed the duties of president and CEO, effective immediately, replacing Daniel Griesemer.

"Dennis is the architect of the Coldwater Creek brand and, along with co-founder Ann Pence, the visionary behind the unique customer experience integral to our company's success," said Georgia Shonk Simmons, president and chief merchandising officer. "The Board believes there is no better person to ensure that Coldwater Creek capitalizes on its opportunities and drives value for our shareholders. Furthermore, we remain encouraged by the improvement in the trends in our business as consumers continue to respond favorably to our fall assortment."

Pence co-founded Coldwater Creek in 1984 as a catalog company and served as CEO from 1984 through December 2000 and then again from September 2002 until October 2007. Similar to many apparel retailers, Coldwater Creek has seen its growth stall during the economic downturn as consumers cut back on discretionary spending.

Griesemer has resigned from his position as a director, president and CEO.