Vera Bradley has announced that Jacqueline Ardrey, the company’s CEO is departing from the role and the board is actively seeking a successor.
Additionally, Michael Schwindle, Chief Financial Officer is exiting the company effective on June 30 and will be succeeded by Martin Layding.
There were also additional changes to the executive team, with Ian Bickley appointed as executive chairman while Andrew Meslow, former Bath and Body Works CEO will step into the role of lead independent director.
The news of the C-suite shift comes on the heels of a weak first-quarter performance from the brand, with net revenue plunging by 24% to $51.7 million.
The brand also saw its net losses skyrocket by 312% to $33 million in the first quarter while comparable sales fell by 25%, driven by lower traffic in its stores.
Ardley said: “Our first quarter results were disappointing as top line and profitability trends from the previous several quarters continued. In addition to addressing consumer feedback on product styles and functionality from last summer’s relaunch, we remain committed to ‘being where she shops’ and are working on diversification of our wholesale partnerships.
“While there is significant work to be done on many fronts to return the Company’s results to a stable and positive growth story, the teams are committed to doing just that.”
Moving forward, the company pulled its guidance due to the economic uncertainty caused by the change in trade policies and the sudden leadership reshuffle.
Other brands including American Eagle and Crocs also withdrew their outlook due to the mounting pressure from tariffs.
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