Lands' End CEO Steps Down, Effective Immediately

By Tonya GarciaMarketsMarketWatch Pulse

Lands' End Inc. Chief Executive Federica Marchionni has stepped down, the company announced on Monday. She has been CEO since Feb. 2015. She joined from Dolce & Gabbana USA Inc. where she was president. Joseph Boitano, chief merchandising and design officer, and James Gooch, chief operating and financial officer, have been appointed co-interim CEOs, effective immediately. The apparel and accessories retailer has hired Heidrick & Struggles to aid in the search for a new CEO, considering both internal and external candidates. In a statement, Marchionni said she and the board of directors "have agreed it is time for others to bring Lands' End into the future." Lands' End shares are inactive in premarket trading, but down 33.3% for the last year. The S&P 500 Index is up 12.1% for the previous 12 months.

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