It’s not easy keeping up with the comings and goings of retail executives these days. Every day seems to bring a change at — or near — the top. Hot-off-the-wire is the news that David Campisi, president and CEO of Sports Authority president and CEO, has suddenly resigned after just 17 months in the position. He will be replaced on an interim president by Darrell Webb, currently chairman and CEO of Jo-Ann Stores!
In other recent announcements, Terrance Marks, CEO of The Pantry and architect of the chain’s turnaround strategy, is stepping down to take a position in Atlanta. Also, Mark Cosby, former president of stores at Macy’s, has been named president of CVS/pharmacy.
According to The Street.com, to date in 2011, there have been more than two dozen changes in the executive ranks at publicly held retail companies. While all those moves did not generate the headlines that Ron Johnson did when it was revealed he was swapping Apple for J.C. Penney, they do reflect a trend that many analysts have seen coming for a while.
"I believe heads will roll in the retail and consumer discretionary sector this year, with the boards of directors re-evaluating if the present management team, starting with the CEO, is best fit to steer the publicly traded ship in the new realities of doing business," Wall Street Strategies analyst, Brian Sozzi wrote in a note that was published in March.
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Filling a fashion ‘Gap’ in Asia
SAN FRANCISCO — Gap Inc. announced that it plans to open its first stores in Vietnam and Guam through its franchise channel. In Vietnam, the first Gap stores will open this October followed by the first Banana Republic store in 2012. The first Gap store will open in Guam in 2012. The company first made its products available to consumers in this region last year through its international online shipping provider.
“These openings will mark yet another important step for the company as we accelerate our growth into international markets,” said Stefan Laban, managing director of strategic alliances for Gap Inc. “Vietnam’s rapidly growing economy and Guam’s well developed tourism industry both provide ample opportunity to introduce the Gap and Banana Republic brands to local consumers.” The stores will house products from Gap, GapKids and babyGap and Banana Republic’s affordable luxury apparel and accessories for men and women.
Over the last five years, Gap Inc. has grown its franchise store base to about 200 and expanded to 26 countries throughout Asia, Europe, Latin America, the Middle East, Australia and Africa. With today’s announcement, the company now has franchise agreements in place to bring its brands to 32 countries, including Chile, Serbia and Morocco in fiscal year 2011. The company expects to double its franchise stores to 400 by fiscal year 2014.
Gap Inc.’s venture in Vietnam will be overseen by franchise partner Imex Pan Pacific.The company will open its first two Gap stores in Ho Chi Minh City, the largest city in Vietnam, followed by additional locations in Hanoi in 2012. Banana Republic will make its debut in late 2012.
As part of an existing franchise agreement with Casual Clothing Specialist Inc., Gap Inc. will open its first two Gap stores in Guam in January 2012. Guam is the second country to be managed under the company’s agreement with CCSI Group, one of the leading retail and commercial firms in the Philippines. CCSI Group also manages the company’s franchise locations for Gap and Banana Republic in the Philippines.
New leadership announced at Sports Authority
ENGLEWOOD, Colo. — Sports Authority announced that Darrell Webb has been named as interim CEO of the company, replacing David Campisi who is resigning as CEO and president of the company.
As previously reported by Retailing Today, Webbcurrently serves as the chairman and CEO of Jo-Ann Stores. Webb previously has held senior positions at The Kroger Company, Fred Meyer Stores and Quality Food Centers. Webb will retain his position as chairman of Jo-Ann Stores while serving as Interim CEO of Sports Authority.
“As a life-long sports and outdoor enthusiast, I am extremely excited about joining the Sports Authority team and I am looking forward to the positive contributions I can make to the Company’s already strong market position,” said Webb.