Michael Dadario has resigned as president of the retail division of Bare Escentuals Inc. after acknowledging that he misrepresented his academic credentials.
The San Francisco-based company said in a regulatory filing with the Securities and Exchange Commission that Dadario attended the State University of New York at Brockport but didn’t receive an undergraduate degree from the school, as he had represented.
The firm also said it anticipates its second-quarter earnings will be in line with analysts’ projections of 20 cents a share on revenue of $131 million, although it cautioned the final figures are subject to adjustment.
Speaking of Dadario’s resignation, Leslie Blodgett, chief executive officer, said, “The board and I wish to acknowledge Mr. Dadario’s leadership of our retail division during some challenging economic times and his efforts in positioning Bare Escentuals for growth. While Michael will be missed, we are very fortunate to have a strong retail team in place that is focused on the daily operations and performance within each of our retail channels.”
Stifel Nicolaus retail analyst Richard Jaffe wrote in a research note that while “Mr. Dadario’s resignation is not an indication of more significant underlying business issues, the departure leaves the company with a key management void at a difficult time.”
Jaffe added he believes Bare Escentuals’ business “remains under pressure due to increased competition in the mineral-based cosmetics category and macroeconomic issues impacting two of the company’s largest channels: upscale retailers and infomercials, including QVC.”
The company said while it conducts a search to fill the president role, the merchandising and sales functions within the retail division will report to the ceo, while retail operational functions will report to Myles McCormick, chief financial officer and chief operating officer.
Bare Escentuals will report its second-quarter results after market on July 29.
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