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McGeachy Takes Reins at Tandy Brands

?Rod? McGeachy, former VF Corp. executive, seeks diversification following stabilization for Tandy Brands.

N. Roderick “Rod” McGeachy 3rd, most recently vice president of strategy and business development at VF Corp.’s Jeanswear Americas subsidiary, has been named president and chief executive officer of Tandy Brands Accessories Inc.

McGeachy succeeds J.S.B. Jenkins, who continues as chairman. Jenkins said last month the company hoped to appoint his successor “in the very near future.”

McGeachy joined VF in 2005 and was named to his most recent post the following year.

McGeachy’s appointment comes on the heels of a year in which Tandy was driven into the red by difficult market conditions and restructuring initiatives. For the full year ended June 30, the company reported a net loss of $49.3 million, or $7.18 a diluted share, which included an $18.7 million inventory write-down and a $17.8 million impairment charge. In 2007, the Arlington, Tex.-based firm earned $1.9 million, or 28 cents. Net sales were off 23.8 percent to $149.3 million from $195.8 million. Gross margin declined to 21.9 percent of sales from 35.7 percent a year earlier.

“I promised the board that over the first 100 days I would start to put together a strategic game plan, but we have to stabilize the core business first,” he told WWD. “We’ll be looking to grow in channels we currently serve, in the mass and midtier markets, and in categories and with licenses that we have a real familiarity with. Over time, we could be more aggressive bringing new licenses into the fold and I would also hope that we would bring some proprietary brands into the mix. So it starts with stabilizing the core and then expanding into new channels, retailers, new brands and eventually new categories.”

Jenkins said, “Rod already has established strong working relationships with several of our key retail partners, and he has been involved in developing men’s and women’s product programs with these companies. In addition, he has spearheaded a number of successful product licensing programs, a key growth area for Tandy Brands.”