Vera Bradley to eliminate 25 corporate positions, names new CFO
Vera Bradley, Inc. announced on Wednesday another leadership shakeup including the elimination of approximately 25 corporate positions.
In particular, the company is making several organizational changes in the marketing, e-commerce, product design, and product development areas.
Likewise, John Enwright, the company’s chief financial officer, will be stepping down as a result of the reorganization and Michael Schwindle will join the company as chief financial officer on May 8.
Schwindle is a retail industry veteran with over 30 years of experience. Since early 2020, he has served as CFO for accessory and jewelry retailer Claire’s. Previously, he held CFO roles at specialty retailers Fleet Farm, Payless ShoeSource, Harry & David, and Musician’s Friend.
Jackie Ardrey, chief executive officer of the company, said, “We are committed to returning Vera Bradley and Pura Vida to profitable growth and generating strong cash flow as a Company, which I believe will deliver value to our shareholders over the long term. Earlier this year, we launched 'Project Restoration', focusing on four key pillars of the business for each brand – consumer, brand, product, and channel – to drive this long-term profitable growth.”
In January, the company made its first leadership shakeup. The company eliminated the positions of Vera Bradley brand president, chief creative officer, and chief revenue officer, among others.
The changes are expected to bring $12 million in incremental cost reductions for the fiscal year ending February 3, 2024. The company will also reduce other non-payroll costs throughout the organization, such as non-working marketing expenses, third-party contracts and professional services, logistics, operational costs, and travel.
“We are committed to delivering improved value to our shareholders,” Ardrey continued. “These efforts will allow us to reset our expense base and simplify the organization, so we can focus fully on Project Restoration and on delivering both healthy top- and bottom-line growth in the future.”
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