(US) – Clothing company Express has announced that former Tyson Foods executive Stewart Glendinning will take over as CEO, effective September 15, replacing Timothy Baxter.
The move comes as Express grapples with financial challenges, including the risk of being delisted from the New York Stock Exchange earlier this year.
Express appoints Stewart Glendinning as CEO amid revenue decline
Express’s board believes that Glendinning’s financial and operational expertise will help rejuvenate the company’s performance and strengthen its foundation.
The apparel and accessories brand has faced a tough year, with declining sales and subpar operating results in the first two quarters of 2023.
Glendinning expressed confidence in Express’s portfolio of brands and its omnichannel platform. He emphasized the importance of execution and cost discipline in enhancing the company’s financial strength and creating shareholder value.
Baxter’s resignation was announced following Express’s second-quarter results, which saw a decrease in net sales and a net loss of $44.1 million.
While the company has made strategic moves like acquiring e-commerce menswear retailer Bonobos, it faces challenges in a changing retail landscape.
Express clarified that Baxter’s departure was unrelated to the company’s financial position, and he had spent more than 11 years with Macy’s before joining Express in June 2019.
Glendinning’s appointment reflects a trend of executive changes in the retail industry amid tepid revenue numbers from various retailers, including Kohl’s, Footlocker, and VF Corporation.