Lands’ End has ousted its CEO 19 months after she took the job.
Federica Marchionni is leaving her position as CEO “effective immediately,” according to a news release from the company. The release didn’t give a reason for her departure.
According to The Wall Street Journal, Marchionni was forced out because of contentions over the limited time she spent in the office and the new direction that she was taking Lands’ End.
Marchionni spent just one week a month at the company’s headquarters in Dodgeville, Wisconsin, according to The Journal. She spent the rest of her time working in New York City.
That didn’t sit well with employees, according to The Journal’s report. Employees were also reportedly unhappy about the former Dolce & Gabanna president’s strategy to infuse the casual clothing brand with high-fashion influences like slimmer fits, stiletto heels, and an activewear line.
Employees weren’t alone in their rejection of Marchionni’s plans. Customers also appeared to dislike the changes.
Lands’ End has reported eight consecutive quarters of declining sales. The company posted a $7.7 million net loss in the first half of 2016, compared with a profit of $9.2 million in the period a year earlier.
- Facebook/Lands’ End
Sears spun off Lands’ End to investors in 2014. Sears CEO Eddie Lampert’s hedge fund, ESL Investments, remains the company’s largest shareholder.
In a statement on her departure, Marchionni said: “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. However, the board of directors and I have agreed it is time for others to bring Lands’ End into the future.”
Lands’ End is now searching for a new CEO.