Chico's FAS appoints Bonnie Brooks as interim CEO
today Apr 25, 2019
Chico's FAS, Inc., which operates Chico's and DD's Discounts, has announced that Bonnie Brooks, a current member of the company's board of directors, will step up as interim CEO, effective immediately.
Brooks, who formerly served as vice chair, president and CEO of Hudson's Bay Company, takes on the position following the resignation of Shelley Broader from her roles as Chico's CEO, president, and as a member of the company's board.
The company said it has enlisted Herbert Mines Associates to search for a permanent CEO and president.
"[Brooks] is a successful retail executive and merchant who has led the turnaround of other fashion retailers, and we are pleased to have her step into the CEO role on an interim basis," said David Walker, chair of the board. "We are confident that [she] will be able to quickly step into the business to benefit the sales, products and merchandising across all of the company's brands as the board continues its search for a permanent CEO with a strong apparel track record."
Chico's search committee is chaired by Bill Simon, a member of the board since 2016, who previously served as president and CEO of Walmart U.S. He is joined on the committee by Janice Fields, who has formerly served as president of McDonald's, and Brooks.
Chico's FAS is currently in the process of shaking off a poor 2018 fiscal year, having reported adjusted earnings of $38.8 million compared $92.7 million a year ago.
Efforts for a refresh are already in full swing, with the company announcing plans to shutter at least 250 of its stores, launch digital-first lingerie brand TellTale at the end of April and reporting positive progress from its e-retail collaboration with Amazon, initiated in May.
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