Children’s Place Names New CEO, Completes Investigation
Secaucus, N.J., The Children’s Place Retail Stores Inc. said Wednesday it asked Chief Executive Ezra Daba to resign after an internal probe found he had violated internal policies for securities trades. Dabah will remain a member of the board of directors.
The children’s-apparel retailer said an investigation found Dabah did not comply with the company’s securities-trading policies, and also found irregularities in expense-reimbursement practices from its chief creative officer.
The company’s board of directors named Chuck Crovitz, a current board member, as interim CEO until a permanent replacement is found. From 1993 to 2003, Crovitz worked at Gap Inc., most recently serving for five years as its executive VP and chief supply chain officer.
Winn-Dixie Board Elects Lead Director
Jacksonville, Fla., Winn-Dixie Stores announced that the independent members of the company’s board of directors have elected Gregory P. Josefowicz to serve as lead director.
Winn-Dixie emerged from bankruptcy in November of 2006 with a new slate of eight independent directors and new governance principles that anticipated the selection of a lead director in September of 2007.
Josefowicz is the former president, CEO and chairman of the board of directors of Borders Group.
Designer Todd Oldham Joins Old Navy
San Francisco, Gap. Inc. has hired Todd Oldham, who has experience in both interior design and fashion, as Old Navy’s new design creative director, effective Oct. 1. In addition to his merchandise-design duties, Oldham will also create a new line under his own name to be sold exclusively at Old Navy.
Oldham began his career in the fashion industry, but in recent years has shifted more to interior design. In 2002 and 2003, he designed a line of dorm-room furniture for Target Inc. Currently, he hosts an interior-design show on the Bravo network.
Old Navy has been the biggest drag on Gap during a downturn that is now entering its fourth year. Through the first half of this year, Old Navy’s comparable-store sales had fallen by 7% compared to last year.