Chico’s hires a former Wal-Mart exec as its next CEO
October 28, 2015 02:14 PM
(Bloomberg)—Chico’s FAS Inc. named Wal-Mart Stores Inc. veteran Shelley Broader as its next chief executive officer after discussions with potential buyers this year failed to produce a deal.
Broader will take the job on Dec. 1 and also join Chico’s board, the Fort Myers, Florida-based company said in a statement Wednesday. David Dyer, the current CEO, will become the board’s vice chairman.
Broader, who also has worked for Michael’s Stores Inc. and Delhaize Group, inherits a company that has seen sales and profit growth sputter in recent years. The retail chain was in talks with Sycamore Partners about a buyout earlier this year, though the discussions fell apart over disagreements about financing, people familiar with the deliberations have said. Sycamore and Chico’s, No. 88 in the Internet Retailer 2015 Top 500 Guide, held further talks in more recent months, the people said, but an agreement wasn’t reached.
Broader has most recently served Wal-Mart’s CEO for Europe, the Middle East and sub-Saharan Africa, as well as Canada.
Chico’s has been working to control costs, tightly manage inventory and improve the experience for customers. The company also is revamping the styles and aesthetics at its brands, including White House Black Market. In August, Chico’s said it would sell Boston Proper, the women’s apparel catalog company that became an online retailer.