- In just the last few weeks, Gap, Nike, Under Armour, and McDonald's all announced that their CEOs would be departing their posts.
- Some of these companies are struggling with sales while others are dealing with controversy.
- Here is the next generation of retail CEOs who will replace them.
Nike, Under Armour, McDonald's, and Gap have all announced CEO departures. Here's the next generation of CEOs tasked with saving the retail industry.
There has been a lot of movement at the very top of retail companies lately.
Lots of retail CEOs are on their way out right now.
Through October, more than 1,332 CEOs have stepped down this year, according to staffing firm Challenger, Gray & Christmas, Inc.
McDonald's announced on November 3 that CEO Steve Easterbrook was fired after he had a relationship with another employee. On November 7, Gap Inc. announced that CEO Art Peck would be stepping down following another quarter of slumping sales.
These departures come amid a slew of recent exits in the retail sector. Under Armour announced in late October that its founder, Kevin Plank, would be stepping down from his position as CEO and becoming executive chairman and brand chief. A few hours later, a similar decision was announced for Nike CEO Mark Parker.
Barneys New York CEO Daniella Vitale also stepped down after the department store was sold to Authentic Brands Group on November 1.
Amid the departures, some replacements have already been named.
Here are the new CEOs taking the helm of some of the biggest retail brands in the US.
Gap CEO Art Peck stepped down on November 7. The company did not provide a reason for his departure.
Mark Lennihan/AP Images
Source: Business Insider
Robert Fisher, Gaps chairman and board member since 1990, will serve as interim CEO. Fishers parents operated the first Gap store in 1969, and he served as interim CEO in 2007.
Reuters/Eduardo Munoz
"On behalf of the entire Board, I want to thank Art for his many contributions to Gap Inc., spanning a nearly 15-year career with the company," Fisher said in a statement. "Under Art's tenure as CEO, we have made progress investing in capabilities that bode well for the future, such as expanding the omnichannel customer experience and building our digital capabilities."
McDonalds CEO Steve Easterbrook was fired on November 3 following a relationship with an employee.
Getty
Source: Business Insider
US business chief Chris Kempczinski took over the CEO role. Some McDonalds franchisees told Business Insiders Kate Taylor that they have clashed with him in the past over costly remodeling and modernization programs. Some franchisees have been more optimistic.
Richa Naidu/Reuters
Under Armour announced on October 22 that founder Kevin Plank would be stepping down from his role as CEO following years of slowing sales and reports about the company paying for strip club visits for executives.
Getty/Brad Barket
Source: Business Insider , Business Insider
Patrik Frisk, the companys president and chief operating officer, was named as Planks replacement effective January 1.
FeelGoodLuck/Shutterstock
Source: Business Insider
That same day, Nike announced that CEO Mark Parker would be stepping down and becoming executive chairman, effective in January.
Mary Altaffer/AP
Source: Business Insider
Nike announced that former eBay CEO John Donahoe, a member of Nikes board since 2014, would replace Parker.
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Donahoe is the president and CEO of ServiceNow, a cloud-computing company based in Santa Clara, California, and the chairman of PayPal Holdings. He was president and CEO of eBay from 2008 to 2015 and the worldwide managing director of Bain & Co. from 1999 to 2005.
Source: Business Insider
Barneys New York CEO Daniella Vitale announced she would step down after the company was sold to Authentic Brands Group on November 1.
Bennett Raglin/Getty Images
Source: Business Insider
A bankruptcy court approved Barneys sale to Authentic Brands Group, which would effectively shutter all Barneys stores in their current form.
Bethany Biron/Business Insider
Source: Business Insider
Davids Bridal announced in March that CEO Scott Key had stepped down from his position.
Cindy Ord/Getty Images
Source: PR Newswire
Tom Lynch, former CEO of Fredericks of Hollywood, was appointed interim CEO.
Business Insider/Jessica Tyler
Source: Retail Dive
Kraft Heinz said in April that CEO Bernardo Hees would be stepping down.
Keith Srakocic/AP Images
Source: Associated Press
He was succeeded by Miguel Patricio, who worked at Anheuser-Busch InBev for over 20 years, in July.
AB InBev
Source: Associated Press
Guess said in January that CEO Victor Herrero would step down. A reason for the departure was not immediately clear.
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Source: Business Insider
Former top executive Carlos Alberini was named Herreros replacement.
Thomson Reuters
REIs president and CEO, Jerry Stritzke, resigned in February after failing to disclose his relationship with the head of another outdoor retailer.
REI
Source: Associated Press
Eric Artz, REIs chief operating officer, became interim CEO. Artz previously held leadership positions at Urban Outfitters and VF Corporation, which owns brands like The North Face, Smartwool, and Timberland.
Bethany Biron/Business Insider
Source: Associated Press, REI
Bed Bath & Beyond CEO Steven Temares stepped down in May amid slipping sales and pressure from activist investors.
Shoshy Ciment/Business Insider
Source: Business Insider
Targets chief merchandising officer, Mark Tritton, replaced Temares. Tritton helped revamp Target stores and introduced more private labels for the brand.
Shoshy Ciment/Business Insider
Source: Business Insider , CNBC
Mattress Firm executive chairman, president, and CEO Steve Stagner resigned from the company in April.
Phelan M. Ebenhack/AP Images
Source: Mattress Firm
John Eck was appointed president and CEO in May, coming from Rockdale Partners, where he was a senior advisor and consultant for media and emerging technology platforms. Mattress Firm filed for Chapter 11 bankruptcy in October 2018 but reemerged less than two months later.
Business Insider/Mary Hanbury
Source: Mattress Firm, Business Insider
Rite Aid announced in March that CEO John Standley would be leaving the company.
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Source: RTTNews
Heyward Donigan was appointed CEO in August and was chosen for her 30 years of experience in the healthcare industry and her digital shopping technology expertise.
Shoshy Ciment/Business Insider
Source: Business Wire
Burlington CEO Thomas Kingsbury announced in April that he would be stepping down from the company.
Mike Kalasnik
Source: MarketWatch
Michael OSullivan, formerly chief operating officer of Ross Stores, took over as CEO of Burlington in September.
Business Insider/Jessica Tyler
Best Buy CEO Hubert Joly stepped down in April. He was credited with reviving the electronics retailer and expanding its online channels.
Hollis Johnson/Business Insider
Source: Associated Press
Corie Barry became Best Buys CEO in June, after being with the company since 1999.
Best Buy / Reuters
Source: Associated Press, CNBC
eBay announced in September that CEO Devin Wenig would step down. Wenig cited conflict with eBays board as the reason for his departure.
AP Photo/Frank Jordans
Source: Business Insider
Scott Schenkel, eBays senior vice president and chief financial officer, was appointed interim CEO.
Reuters
Source: Business Insider
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SEE ALSO: McDonald's CEO was just fired over a relationship with an employee. Here are 18 major changes he made during 4 years at the helm of the fast-food giant.