MILWAUKEE _ Federica Marchionni has stepped down from her role as Lands' End CEO and resigned as a director, the company announced Monday.
Its board of directors appointed Joseph Boitano and James Gooch as co-interim chief executive officers, a company news release said.
Boitano currently serves as executive vice president and chief merchandising and design officer, and Gooch is the executive vice president and chief operating and financial officer. The company is considering both internal and external candidates to fill the position permanently.
"On behalf of the entire board, I want to thank Federica for her dedication and contributions to Lands' End," Josephine Linden, chairman of the board of Lands' End, said in the news release. "Her creative vision has helped Lands' End begin its transformation as a global lifestyle brand with a broader merchandise offering that is more relevant in today's marketplace. Federica is stepping down at this time, leaving Lands' End well positioned to continue its evolution and capture the growth opportunities that exist for our iconic brand in this dynamic retail environment."
Marchionni, an Italian-born New Yorker, was brought in from luxury fashion house Dolce & Gabbana to run the Dodgeville, Wis.-based retailer.
Her employment agreement specified that she would not have to move to Dodgeville, nor would she be required to perform most of her duties there. Her principal workplace was in New York, the agreement said.
She took the CEO reins in February 2015. The firm's financial performance in her first year was downbeat, as well as some of the assessments of her leadership.
From 2011 through 2014, the year before Marchionni became CEO, sales dropped nearly 10 percent. The firm was one of just three among 30 Nasdaq-traded apparel retailers to post declining sales over the three-year period.
During Marchionni's first year, the pace of the falloff sped up, with sales dropping 8.7 percent in fiscal 2015.
"I am honored to have led this extraordinary company and proud to have succeeded in providing a vision to expand its positioning in the industry with a multi-dimensional strategy," Marchionni said in the news release. "However, the Board of Directors and I have agreed it is time for others to bring Lands' End into the future. I thank everyone who supported me in this journey and wish Lands' End the very best."
