FEDERICA MARCHIONNI STEPS DOWN AS LANDS’ END CEO

Federica Marchionni has stepped down from her role as chief executive officer of retailer Lands’ End. The company’s board of directors has appointed Joseph Boitano and James Gooch as co-interim chief executive officers, effective immediately, and has engaged Heidrick & Struggles, a leading global executive search firm, to assist with identifying a permanent CEO.

Boitano currently serves as executive vice president and chief merchandising design officer, a position he has held since June 2015. From 1999 until February 2014, he held various positions at Saks Fifth Avenue, and had previously worked at Bergdorf Goodman and I Magnin.

Gooch currently serves as executive vice president and chief operating and financial officer, a position he has held since January 2016. He previously held executive positions at DeMoulas Supermarkets and RadioShack.

“On behalf of the entire Board, I want to thank Federica for her dedication and contributions to Lands’ End,” said Josephine Linden, chairman of the board of Lands’ End. “Her creative vision has helped Lands’ End begin its transformation as a global lifestyle brand with a broader merchandise offering that is more relevant in today’s marketplace. Federica is stepping down at this time, leaving Lands’ End well positioned to continue its evolution and capture the growth opportunities that exist for our iconic brand in this dynamic retail environment. Joe and Jim are seasoned retail executives with a deep understanding of and appreciation for Lands’ End’s values, customer base and growth opportunities, and we are delighted that they have agreed to expand their roles during this interim period”

Added Marchionni: I am honored to have led this extraordinary company and proud to have succeeded in providing a vision to expand its positioning in the industry with a multi-dimensional strategy.  However, the Board of Directors and I have agreed it is time for others to bring Lands’ End into the future. I thank everyone who supported me in this journey and wish Lands’ End the very best.”

Commenting on their appointments, Mr. Boitano and Mr. Gooch, said: “We are honored by the opportunity to lead Lands’ End as a team at this pivotal time, and we look forward to working to drive improved financial performance and enhance the customer shopping experience while Lands’ End finds its next CEO.”