DSW CEO Mike MacDonald is retiring from the company, effective Jan. 1, 2016.
Current CIO and EVP Roger Rawlins has been named as his replacement. Rawlins has been with the company since 2006 and has served in key digital roles. Prior to his current position, he was EVP, Omni Channel; SVP and GM of DSW.com; and VP of finance and controller for the company.
MacDonald has held the top role at the Columbus, Ohio-based footwear retailer for six years. He is staying on as CEO through the end of 2015 to aid with the transition. He will retire from the DSW board as well.
“I am honored to have the opportunity to lead DSW at this important juncture in the Company’s history. While we have made progress in transforming DSW into a robust, omnichannel retailer, we are not satisfied. We will strive to develop new and innovative opportunities to expand the reach of the DSW brand and drive shareholder value,” said Rawlins in a statement.
DSW pre-announced disappointing third-quarter results, citing general U.S. retail sluggishness and continued challenges in women’s shoe sales. The company also cited warmer fall temperatures as having a negative impact on the women’s category.
DSW said it expected revenue to be $665 million, with comparable sales down by around 3.9 percent. The third-quarter’s earnings per share will range from 41 cents to 44 cents.
It adjusted guidance to $1.40 to $1.50 per share, down from the previously guided $1.80 to $1.90 per share.
Despite shares plunging on the news overnight, they are up just under a percent in early trading.