admin US fashion retailer Express has named Stewart Glendinning as its new chief executive officer, effective September 15.
Glendinning succeeds Tim Baxter, who is leaving the business after four years at its helm. Baxter joined Express in June 2019, and notably steered the business through the pandemic.
Commenting on his appointment in a statement, Glendinning said: “Express has an outstanding portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform.
“Through a keen focus on execution and cost discipline, I am confident that we can better capitalize on these differentiators, increase the company’s financial strength and create shareholder value.”
Glendinning has over 20 years of experience in the consumer products industry. He most recently served as group president of prepared foods at Tyson Foods. Earlier in his career, he was CEO of brewery company Molson Coors Canada.
New CEO looks to revive Express profitability
Express Board chair Mylle Mangum thanked Baxter for his work at the company, and welcomed Glendinning, describing him as a “highly accomplished executive” who will bring “fresh thinking” to the company and its strategies for profitable growth.
He added that Glendinning believes “further operating improvements and greater financial discipline are needed to ensure that Express is best positioned to deliver significant, sustainable shareholder value”.
The news comes the same week Express reported a net loss of 44.1 million dollars in the second quarter of the year compared to a profit of 7 million dollars a year earlier.
That came as revenue fell 6 percent to 435.3 million dollars.
However, both the top- and bottom-line results were within the company’s expectations.
Accordingly, it reiterated its full-year outlook, expecting net sales of between 460 million dollars and 490 million dollars, and a diluted loss per share of between 5.50 dollars and 7.50 dollars.
