Brookstone CEO Ron Boire resigns
January 3, 2012 12:23 PM
Brookstone Inc. president and CEO Ron Boire resigned today to take a new position at Sears Holdings Corp. Boire will become executive vice president, chief merchandising officer and president, Sears and Kmart.
Jackson Tai, Brookstone’s chairman, will serve as interim president and CEO during a search for a permanent successor to Boire, who also was on the board of directors. Tai has been a director since August 2008 and non-executive chairman of the board of directors since February 2009. Brookstone is a retailer of household products and gift items.
Brookstone, No. 189 in the Internet Retailer Top 500 Guide, also announced that James M. Speltz has been appointed vice president and chief operating officer. Speltz has been with the company since 1998 and served for the past year as vice president, business development and supply chain.
Brookstone has not yet reported its 2011 year-end financials, but the company anticipates that total 2011 sales increased at least 5% over fiscal year 2010, says Thomas Moynihan, vice president and chief financial officer.
“We continue to be encouraged by our improving operational and financial results despite the difficult macro-economic environment,” Moynihan says. “Our new initiatives, including our online marketplace and expanding wholesale and licensing divisions, have been important pieces of our continued success and will be critical to the company’s future growth.”
Brookstone’s wholesale and licensing division was established to develop relationships with other retailers and manufacturers worldwide to expand the brand, the company says.
Through the first nine months of fiscal 2011 ended Oct. 1, Brookstone reported:
- Direct marketing sales, which combine e-commerce and catalog sales, were $47.1 million, up by 30.5% from $36.1 million in the prior year period.
- Total sales were $243.8 million, up by 11.5% from $218.7 million.
- Net loss was $45.1 million compared with a net loss of $62.0 million in the first nine months of 2010.
Brookstone is owned by J.W. Childs Associates, OSIM International Ltd. and Temasek Holdings Ltd.
In November, Sears (No. 7) announced e-commerce president Imran Jooma would take on the additional responsibility of heading up all marketing, financial services and pricing operations.