Eddie Bauer hunts for a new permanent CEO
The search is on for a new permanent CEO at Eddie Bauer.
On Friday, just one day after shareholders rejected a deal valued at $530 million to sell the company to Eddie B Holding Corp., a company owned by affiliates of investment bankers Sun Capital Partners Inc. and Golden Gate Capital, Eddie Bauer chairman and CEO Fabian Mansson announced his resignation.
The company has appointed an interim CEO, board member Howard Gross, while an industry search for a permanent CEO gets underway.
Gross has over 35 years of experience in the retail apparel industry, having served as president and CEO of Limited Stores and Victoria`s Secret Stores, as well as CEO of the Hub Distributing, Millers Outposts and Levi`s Outlet Stores divisions of American Retail Group Inc.
As interim CEO, Gross will work to implement a turnaround plan at Eddie Bauer, No. 46 in the Internet Retailer Top 500 Guide. In 2005, a revised merchandising strategy failed to meet consumer expectations. In May, Eddie Bauer retained Goldman, Sachs & Co. as its financial advisor to evaluate and assist with a possible sale.
"Our board is committed to taking the necessary actions to put Eddie Bauer on a path to improve its performance and capitalize on the strong potential of its brand,” says Gross. “We are moving forward thoughtfully and expeditiously to position the company to execute its turnaround strategy."
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