Vera Bradley begins search for a new CEO
Vera Bradley is the latest retailer looking for a new chief executive officer.
The specialty retailer said that president and CEO Robert Wallstrom plans to retire. He will remain in his role until a successor is named, which is expected by early 2023.
Wallstrom took the helm of Vera Bradley in 2013 after spending nearly 17 years with Saks Inc. He oversaw the expansion of the company’s portfolio in 2019 with the acquisition of digitally-native jewelry and accessories company Pure Vida.
“Rob is a bold leader, an innovator, and a visionary who has worked tirelessly to evolve the company and position it for growth,” said board chairman Robert Hall. “As an advocate for the power of business to create positive influence and outcomes for people and communities, Rob places a unique focus on building an organization with a strong culture that strives to positively impact all stakeholders.”
Wallstrom will work with the board the search for his successor. Internal and external candidates will be considered for the role. Other retailers searching for a new CEO include Gap Inc. and Bed, Bath & Beyond.
“The board takes very seriously its responsibility to find the right CEO who will continue our focus on building consistent, sustainable growth over the long term,” Hall said. “The next CEO also will have to successfully manage through this challenging economic period, including overseeing implementation of our cost reduction initiatives which will better position us for the future.”
Vera Bradley, whose first-quarter net loss widened to $7 million from $2.1 million, is in the midst of a comprehensive cost-reduction and efficiency process. Management has identified annualized cost reductions totaling approximately $25 million.
Expense savings will come from various areas of the company, including retail store efficiencies, marketing expenses, information technology contracts, professional services, logistics and operational costs, and corporate payroll (primarily through attrition).