In its second-largest acquisition, Amazon buys the company for $970 million.
Jos. A. Bank Clothiers Inc. will soon have a new CEO. Robert N. Wildrick is resigning from his post as CEO to become chairman of the board. R. Neal Black will take on the role of CEO and also become a director.
Jos. A. Bank Clothiers Inc. will soon have a new CEO. Robert N. Wildrick is resigning from his post as CEO and will become chairman of the board. Andrew A. Giordano is stepping down as chairman but will stay with the company as chairman emeritus and lead independent director. R. Neal Black will take on the role of CEO and also become a director of the company.
Black, who has been chief merchandising officer at the men’s clothing company since 2000, will remain president. Wildrick and Giordano will also work as consultants to Black as he takes on his new job. The changes will take effect Dec. 21.
The multi-channel retailer, No. 190 in the Internet Retailer Top 500 Guide, says it plans more personnel changes over the next few months.
"Since the end of 1999 when Mr. Wildrick took over as chief executive officer, annual net income has increased to $50.2 million from $1.4 million, sales have tripled, market cap has increased over $500 million, and the number of stores has grown from approximately 100 to 450. Under Mr. Wildrick`s leadership, the company has eliminated all of its term and revolving debt, while amassing over $82 million in cash as of the end of the last fiscal year. This is a truly remarkable record," Giordano says. "Having worked closely with Mr. Wildrick during that same period, Mr. Black is a seasoned executive capable of leading the company.”