The share price of Vince Holding Corp. is down more than 16 percent this morning after the company announced several executive changes.
Jill Granoff has resigned as CEO — a post she’s held since May 2012 — but will remain in the slot throughout the transition period.
“Jill has been a tremendous steward for the Vince brand for the last three years,” said Marc Leder, the company’s board chairman, in a statement. “She has shown great leadership during her tenure, and her commitment to seeing us through this orderly transition speaks volumes about her professionalism. On behalf of the entire Vince organization, I want to thank Jill for her valuable contributions.”
Karin Gregersen, Vince’s president and COO since 2013, has also decided to leave the firm, and the company said it does not intend to fill Gregersen’s position at this time.
Regarding the CEO post, the board of directors will work with an executive search firm to identify potential CEO candidates, with Leder heading up the search, the firm said in a release.
“While this is a bittersweet decision for me, it is the right time for me to pass the reigns to the next leader,” said Granoff in a release. “Vince is an exceptional brand, and with a strong and seasoned team in place, the company is well-positioned to execute on the opportunities ahead and build on its legacy as one of the preeminent brands in the contemporary space today.”
As part of its executive reorganization, the company said it has hired Livia Lee as SVP of merchandising. Lee will join the company on July 20 and report directly to Granoff in the interim and then to her successor.
Lee’s apparel-industry experience includes roles at Lacoste, Diesel, Ralph Lauren, Victoria’s Secret and Gap.