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Torrid on hunt for a new CFO

Torrid operated 639 stores at the end of last year.
Torrid operated 639 stores at the end of last year.

The chief financial officer of Torrid Holdings Inc. is leaving after less than a year on the job.

The retailer which specializes in apparel and intimates for young women sizes 10 to 30,  said that Tim Martin, CFO and COO, has resigned to pursue other opportunities. He will remain with the company until May 26. Paula Dempsey, senior VP of finance and investor relations, will assume the role of interim CFO until a successor is named.

Martin joined Torrid in September 2022. Prior to that, from 2012 to 2022, he was CFO of Guitar Center.  Martin also held CFO positions at Lands’ End and Coldwater Creek.

As to Martin’s COO responsibilities Torrid chief technology officer Hyon Park will step in to lead supply chain. Lisa Harper, who took the reins as Torrid chief executive in CEO, will oversee other operational functions, including stores and real estate.

Interim CFO Dempsey, who joined Torrid in January 2023,  previously served as senior VP of corporate finance for Mattress Firm. She has also held senior leadership roles in publicly-held companies in finance and financial planning and analysis. 

“We appreciate Tim’s leadership and his many contributions to our organization. We thank him and wish him well,” said Harper.

  In March, Torrid reported a net loss of $3.8 million, or a loss of $0.04 per share, for the quarter ended Jan. 28, compared to a net loss of $22.8 million, or a loss of $0.21 per share in the year-ago quarter. Analysts had forecast a net loss of $0.08 per share. The company also said it planned open 30 to 40 stores this year.  

Martin said, “I want to thank Lisa, the board of directors and the rest of the leadership team for the opportunity to work with a great company and I wish everyone the best.”

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