Nike, Under Armour, McDonald's, and Gap have all announced CEO departures. Here's the next generation of CEOs tasked with saving the retail industry.
- There has been a lot of movement at the very top of retail companies lately.
- In just the last few weeks, Gap, Nike, Under Armour, and McDonald's all announced that their CEOs would be departing their posts.
- Some of these companies are struggling with sales while others are dealing with controversy.
- Here is the next generation of retail CEOs who will replace them.
Lots of retail CEOs are on their way out right now.Through October, more than 1,332 CEOs have stepped down this year, according to staffing firm Challenger, Gray & Christmas, Inc.Advertisement
McDonald's announced on November 3 that CEO Steve Easterbrook was fired after he had a relationship with another employee. On November 7, Gap Inc. announced that CEO Art Peck would be stepping down following another quarter of slumping sales.
These departures come amid a slew of recent exits in the retail sector. Under Armour announced in late October that its founder, Kevin Plank, would be stepping down from his position as CEO and becoming executive chairman and brand chief. A few hours later, a similar decision was announced for Nike CEO Mark Parker.Barneys New York CEO Daniella Vitale also stepped down after the department store was sold to Authentic Brands Group on November 1.
Amid the departures, some replacements have already been named.Here are the new CEOs taking the helm of some of the biggest retail brands in the US.
Gap CEO Art Peck stepped down on November 7. The company did not provide a reason for his departure.
Robert Fisher, Gap's chairman and board member since 1990, will serve as interim CEO. Fisher's parents operated the first Gap store in 1969, and he served as interim CEO in 2007.Advertisement
McDonald's CEO Steve Easterbrook was fired on November 3 following a relationship with an employee.
US business chief Chris Kempczinski took over the CEO role. Some McDonald's franchisees told Business Insider's Kate Taylor that they have clashed with him in the past over costly remodeling and modernization programs. Some franchisees have been more optimistic.Advertisement
Under Armour announced on October 22 that founder Kevin Plank would be stepping down from his role as CEO following years of slowing sales and reports about the company paying for strip club visits for executives.
Patrik Frisk, the company's president and chief operating officer, was named as Plank's replacement effective January 1.Advertisement
That same day, Nike announced that CEO Mark Parker would be stepping down and becoming executive chairman, effective in January.
Nike announced that former eBay CEO John Donahoe, a member of Nike's board since 2014, would replace Parker.Advertisement
Barneys New York CEO Daniella Vitale announced she would step down after the company was sold to Authentic Brands Group on November 1.
A bankruptcy court approved Barneys' sale to Authentic Brands Group, which would effectively shutter all Barneys stores in their current form.Advertisement
David's Bridal announced in March that CEO Scott Key had stepped down from his position.
Tom Lynch, former CEO of Frederick's of Hollywood, was appointed interim CEO.Advertisement
Kraft Heinz said in April that CEO Bernardo Hees would be stepping down.
He was succeeded by Miguel Patricio, who worked at Anheuser-Busch InBev for over 20 years, in July.Advertisement
Guess said in January that CEO Victor Herrero would step down. A reason for the departure was not immediately clear.
Former top executive Carlos Alberini was named Herrero's replacement.Advertisement
REI's president and CEO, Jerry Stritzke, resigned in February after failing to disclose his relationship with the head of another outdoor retailer.
Eric Artz, REI's chief operating officer, became interim CEO. Artz previously held leadership positions at Urban Outfitters and VF Corporation, which owns brands like The North Face, Smartwool, and Timberland.Advertisement
Bed Bath & Beyond CEO Steven Temares stepped down in May amid slipping sales and pressure from activist investors.
Target's chief merchandising officer, Mark Tritton, replaced Temares. Tritton helped revamp Target stores and introduced more private labels for the brand.Advertisement
Mattress Firm executive chairman, president, and CEO Steve Stagner resigned from the company in April.
John Eck was appointed president and CEO in May, coming from Rockdale Partners, where he was a senior advisor and consultant for media and emerging technology platforms. Mattress Firm filed for Chapter 11 bankruptcy in October 2018 but reemerged less than two months later.Advertisement
Rite Aid announced in March that CEO John Standley would be leaving the company.
Heyward Donigan was appointed CEO in August and was chosen for her 30 years of experience in the healthcare industry and her digital shopping technology expertise.Advertisement
Burlington CEO Thomas Kingsbury announced in April that he would be stepping down from the company.
Michael O'Sullivan, formerly chief operating officer of Ross Stores, took over as CEO of Burlington in September.Advertisement
Best Buy CEO Hubert Joly stepped down in April. He was credited with reviving the electronics retailer and expanding its online channels.
Corie Barry became Best Buy's CEO in June, after being with the company since 1999.Advertisement
eBay announced in September that CEO Devin Wenig would step down. Wenig cited conflict with eBay's board as the reason for his departure.
Scott Schenkel, eBay's senior vice president and chief financial officer, was appointed interim CEO.Advertisement
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