Claire’s CEO Beatrice Lafon resigns, replaced by Ron Marshall

By

Dani Greene

Published
May 8, 2016

Ron Marshall, who served as director at Claire’s Store since 2007, has been promoted to CEO. Marshall replaces Beatrice Lafon, who resigned May 5. Marshall, will receive an annual base salary of $900,000, as well as 200,000 shares of immediately vested stock.

 
Lafon, who is known for her ability to turnaround struggling companies, was brought on in 2013 as CEO of Claire’s. Despite Lafon’s efforts, the company reported a loss of $236.4 million for 2015, with annual sales declining 6% to $1.4 billion.
 
Claire’s has experienced heavy debt since 2007, initiated a buyout, and will owe about $370 million in debt maturities in 2017. Claire's unsuccessfully attempted to go public in 2013 to raise $100.

Claire’s Store was established in Chicago, Illinois in the 1960s. Today, Claire’s operates over 3,000 stores in over 34 countries globally.