Wilsons Leather Names New CEO
Minneapolis, Wilsons Leather has appointed Michael Searles as its new chief executive, effective Dec. 15. He will succeed Joel Waller, who has been with the specialty retailer for nearly three decades and will remain as chairman. Searles also was elected to the retailer’s board of directors.
For the past two years, Searles has served as a consultant to the retail industry. He also served as chairman and chief executive of Factory 2-U Stores, Inc. from 1998 to 2002; president of merchandising and marketing at Montgomery Ward from 1996 to 1997; and president of Kids “R” Us from 1984 to 1993.
Cost Plus 3Q Income Falters Despite Higher Sales
Oakland, Calif., Cost Plus reported net income of $400,000 in the third quarter, down from $900,000 in the year-ago period. The merchant’s sales were up 12% to $190.4 million, helped by comps growth of 0.5%.
Knight Stepping Down at Nike
Beaverton, Ore., Nike Inc. co-founder Philip Knight, 63, is stepping down as president and CEO of the athletic shoe and apparel company he made into a $12 billion brand. His successor will be William D. Perez, president and CEO of S.C. Johnson & Son. Knight, who will retain the title of chairman, is expected to remain an active presence in the company.