Vera Bradley CEO, CFO to leave
Vera Bradley is shaking up its leadership team amid declining sales.
The women's handbags and accessories company said that CEO Jacqueline Ardrey is leaving, and the board has launched a national search for her replacement. Ardrey will remain with Vera Bradley to aid in the transition until the end of July.
Ardrey joined Vera Bardley in November 2022 and launched “Project Restoration”, a comprehensive strategic initiative to transform the company’s business model and brand positioning.
As a part of leadership changes, Ian Bickley is assuming the role of executive chairman effective July 7. In this newly created role, he will be taking an interim executive role to provide leadership and guidance during the CEO transition and will also be the chairman of the board. (The executive chairman role is expected to be a temporary role during the CEO transition.)
As a part of the change, current board chairman Robert Hall will be stepping down from the role. He willl continue to serve as a director on the board.
Bickley has extensive executive experience serving in numerous roles with Coach, including as president of its international group. He also served as Interim CEO of the Body Shop where he helped complete a successful sale of the company.
In line with the changes, the board has also established a new "strategy and transformation" committee to work closely with incoming leadership in shaping the company’s strategic direction and future growth initiatives. It will be co-led by Bickley and director Andrew Meslow, who most recently as the CEO of Bath & Body Works. Brands. Meslow will also be assuming the role of lead Independent director of Vera Bradley.
CFO
Additionally, the company said it has hired a new CFO, Martin “Marty” Layding, beginning June 12. He succeeds Michael Schwindle who plans to depart the company, effective June 30. He will work closely with Layding during the transition period to ensure continuity of operations.
Layding has served as a CFO in various organizations, including as divisional CFO for Tapestry’s Coach brand in addition to CFO roles at several private equity backed firms.
Separately, Vera Bradley reported that its first-quarter net revenue declined 23.6% to $51.7 million. Net losses jumped 312% to $33 million for the period. The company said that due to the leadership changes and the “significant uncertainty surrounding the consumer environment,” it is suspending its forward guidance.
