In recent years, the C-suite shuffle has been in overdrive, but in 2023 it hit record levels.
According to executive outplacement firm Challenger, Grey & Christmas Inc., at least 1,530 CEOs left their posts in the first 10 months of this year — a 47 percent increase from the same time period in 2022 and the highest total for that time frame since the company started tracking exits in 2002.
There are numerous reasons behind the flurry of changes among chief execs. Some longtime leaders who had delayed their retirements amid the pandemic upheaval were finally ready to step down, while others executives suffered from burnout after grappling with unprecedented challenges.
Additionally, Andrew Challenger, workplace expert and senior vice president of Challenger, Gray & Christmas, also noted in a recent report, “Boards are making leadership changes to better manage the issues of remote workers, to weather economic headwinds and incorporate new technology.”
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Below are some of the biggest CEO exits in footwear and retail this year.
Wolverine Worldwide
On Aug. 10, Wolverine Worldwide announced the sudden exit of CEO Brendan Hoffman. According to a regulatory filing, the footwear company terminated Hoffman without cause, effective Aug. 6. The departure was not a result of a disagreement with the company’s policies or operations, and Wolverine did not share details behind the sudden change.
Hoffman joined Wolverine as president in September 2020 and succeeded Blake Krueger as CEO at the end of 2021. He was instrumental in several significant moves at the company, including the $410 million acquisition of Sweaty Betty in August 2021 and the sale of the Keds brand in February 2023.
However, like other footwear companies, Wolverine’s revenue was heavily impacted by inventory excesses last year and conservative orders from wholesale retail partners, and the turnaround strategy implemented by Hoffman had been slow to take effect.
Longtime Wolverine executive Chris Hufnagel succeeded him as CEO.
Academy Sports + Outdoors
After five years in the top spot at Academy Sports + Outdoors, Ken Hicks stepped down from his role as CEO and president as part of a planned succession, effective June 1. Chief merchandising officer Steve Lawrence was promoted to CEO, and Hicks remains on the board as executive director.
Hicks is a true veteran of the retail world, having previously held leadership roles at Foot Locker, JCPenney and Payless ShoeSource. He first linked up with Academy in 2017, joining the board of directors. Then in May 2018, he was named chairman, president and CEO.
During his tenure, Hicks oversaw the company’s 2020 IPO and undertook an aggressive store expansion plan, opening 28 new stores and growing net sales from $4.8 billion in 2018 to $6.4 billion in 2022.
Macy’s
Succession planning continued at Macy’s Inc., which announced in March that its 61-year-old chairman and CEO, Jeff Gennette, would retire in February 2023.
The announcement triggered several other moves at the company. Most significantly, Tony Spring, the 58-year-old chairman and CEO of Bloomingdale’s, left his role to become president of Macy’s Inc. And in February, he will also add the CEO title following Gennette’s retirement.
The search for a chief executive at Bloomingdale’s took some time, but in September, the department store selected Olivier Bron for the job. Bron was most recently CEO of Central Group’s Central and Robinson Department Stores in Thailand.
Gucci
After rumors circulated early this year that Marco Bizzari might be on his way out, parent company Kering confirmed in July that Gucci‘s president and CEO would be leaving after eight years at the helm. His last day at Gucci was Sept. 23, after the brand’s spring ’24 show in Milan.
Jean-François Palus, Kering Group’s managing director, was appointed president and CEO of Gucci for a transitional period.
In the company’s most recent third-quarter earnings call, Kering deputy CEO Jean-Marc Duplaix said they are in no hurry to replace Palus in his interim role. “The search for a new CEO is not a priority. Execution is the priority, and we’ll take the time we need to find his successor,” he said.
Saks Off 5th
In March, FN sister publication WWD reported that SaksOff5th.com CEO Paige Thomas had left the retail firm unexpectedly. A statement from parent company HBC said that Thomas would “step down as CEO of SaksOff5th.com to pursue new opportunities outside the company.”
Thomas joined the company three years ago as president of Saks Off 5th and led it through the pandemic. In 2021 she oversaw the transaction to establish SaksOff5th.com as standalone digital, after which she was named CEO of SaksOff5th.com. HBC credited her with launching a “refreshing of the brand identity to modernize the image, with a focus on inclusiveness, diversity and cultivating self-expression.”
Following the sudden departure of Thomas, Rob Brooks was promoted from president of the Off 5th stores to CEO of SaksOff5th.com, and Jennifer Drake, who had held the title of SVP and head of the Off 5th stores, took over for Brooks.
Diesel
Eraldo Poletto only had a short tenure at Diesel. In February, the brand announced that Poletto was stepping down as CEO of the company after only six months in the role. A company spokesperson told WWD that Poletto “for personal reasons has decided to return to the United States, where he has lived for several years with his family.”
Poletto, whose background includes prior stints at Stuart Weitzman and Salvatore Ferragamo, joined Diesel in January 2022 as CEO of North America. He was promoted to chief executive of the brand six months later, succeeding Massimo Piombini.
But he didn’t remain unemployed for long. In June 2023, it was announced that Poletto would succeed Giuseppe Santoni as CEO of Santoni, marking the first time the luxury footwear company has been led by someone outside the family.
Sergio Rossi
In May, Sergio Rossi revealed that CEO Riccardo Sciutto was leaving the company.
Since joining the brand in 2016, Sciutto steered Sergio Rossi through several ownership changes. He arrived shortly after European investment house Investindustrial took control in December 2015 from its previous owner, Kering. Fosun Group took over the company in the summer of 2021, then renamed the company Lanvin Group in October that year in advance of its initial public offering in New York.
During his tenure, Sciutto spearheaded a reorganization of Sergio Rossi’s structure, manufacturing, distribution and its digital transformation. He modernized its manufacturing plant in Italy’s San Mauro Pascoli, repositioned the brand and gave the product a precise identity in sync with that of its namesake late founder.
In early December, Sergio Rossi said that fashion veteran Helen Wright would take over the CEO role.
Ecco USA
Danish footwear brand Ecco shook up its U.S. division in September. In a statement sent to FN, the company stated that Tom Berry would depart immediately as CEO, a role he’d been in since January 2022.
At the time, Ecco said Berry would be replaced on an interim basis by Deniz Erda, who previously was serving as senior vice president and general manager for Ecco Middle East and Africa. And this month, it confirmed that Erda will take on the position permanently.
Berry, meanwhile, landed a new role this month as CEO of Saxx Underwear, based in Vancouver, British Columbia.
Harvey Nichols
In September, it was announced that Manju Malhotra would exit her role as CEO of Harvey Nichols at the end of the year.
She was appointed to the big job at the luxury department store in January 2021, reporting to Sir Dickson Poon, the chairman and owner of Harvey Nichols since 1991 through his company Dickson Concepts. According to WWD, it’s understood that she and Poon didn’t see eye-to-eye on the plans for the business.
Poon’s 29-year-old son Pearson was expected to take on the role of vice chairman until a new CEO is found.
P448
Alison Bergen, who served as P448’s first female CEO, stepped down in July to transition to the role of executive consultant.
According to a P448 representative, the company did not plan to fill the CEO role moving forward and instead would operate on a “three-pronged” leadership structure that would include chief marketing officer Lori Sigismondo; chief product and sustainability officer Sabrina Cohen; and global CFO Alberto Milanesi. The team is also supported by Wayne Kulkin, executive chairman of P448’s parent company StreetTrend.
Bergen’s previous roles include serving as CEO of Earth Shoes and Aerosoles. She has also held leadership merchandising roles at Louis Vuitton, Michael Kors and Diane von Furstenberg.
