Top 500 retailers Chico’s and Lumber Liquidators search for new CEOs
May 26, 2015 04:00 PM
The search is on for new top leadership at two Top 500 retailers after the departures of their CEOs, but one company had more notice.
David Dyer, president and CEO of Chico’s FAS Inc., last week told the board of the women’s apparel retailer that he intends to retire in spring 2016. Dyer will continue in his role until the company, No. 88 in the Internet Retailer 2015 Top 500 Guide, names a successor, at which point he will stay on the board in a new vice chairman position until June 2016, according to the company.
At Lumber Liquidators, Robert Lynch abruptly gave notice Thursday that he was leaving the hardwood flooring retailer immediately as president and CEO, and resigning from the board of directors. The company, No. 347 in the Top 500 Guide with Internet Retailer-estimated 2014 web sales of $55 million, appointed founder Thomas D. Sullivan, as acting CEO.
While the company said Lynch “unexpectedly” resigned, Lumber Liquidators has been under pressure after “60 Minutes” reported March 1 that it sold Chinese-produced laminate flooring with toxic levels of formaldehyde. And Lynch’s departure came less than a month after the company, without giving a reason, said it would replace Daniel Terrell as chief financial officer effective June 1. Lumber Liquidators has assured consumers its products are safe, but sales have slid and the U.S. Consumer Product Safety Commission is probing the allegations, according to Bloomberg News.
At Chico’s, Dyer’s tenure included the addition of $1 billion in sales and improved profitability from a loss in 2008, according to the company, which had Internet Retailer-estimated web sales of $449.5 million in 2014. Dyer joined Chico’s board of directors in 2007 and became president and CEO in 2009. “This growth and success reflects Mr. Dyer's focus on operational execution as well as investments he spearheaded in infrastructure, systems, store growth, and all phases of digital commerce and marketing to enhance customer service and position the company to compete in a rapidly changing retail environment,” the company said in a statement.