Shinola has named Shannon Washburn as chief executive officer, effective today.
Washburn succeeds Tom Lewand who announced his intent to leave the company last Friday, noting he would officially step down at the end of this calendar year. It appears that Shinola sped up that timeline.
Washburn has been with Shinola for some seven years, joining as vice president of watch development before being promoted to company president in 2018. She has worked as a buyer at Dillard’s and spent 14 years at Fossil.
Washburn said in a statement: “I am honored to be offered the position of ceo. Shinola has been a place of professional growth for me, and I am grateful to have the opportunity to play a key role in the brand’s journey. I look forward to the challenges ahead as our business evolves.”
Shinola founder Tom Kartsotis added: “Shannon and I have worked together for three decades. Her development as an executive has been predicated on long-term, consistent performance. Her understanding of all aspects of the business is second to nobody that I know. I am convinced that she will be an excellent ceo. From a personal perspective, Shannon and I have supported each other in so many ways over these years. Her experience, passion and commitment combined with her knowledge of and love for the Shinola brand will bring tremendous value to our board of directors.”
Washburn steps into a role that, according to sources, will require a great deal of focus and strategy. As WWD recently reported, sources say the company’s sales are steadily decreasing — leading to a string of store closures and layoffs.