While chief executive officers top the corporate hierarchy in retail, more and more are finding themselves unemployed amid dwindling sales. Although a glad-handing, public send-off seems to be the firing method of choice, outgoing ceo’s are often walking away with multimillion-dollar severance deals, making any forced words and toothy smiles much easier to take. Here, the vital stats on some of the recent departures in fashion.
Frederic Cumenal
Tiffany & Co.
Start Date: April 2014
Departure Announced: February 2017
The Goodbye: “The board is committed to our current core business strategies but has been disappointed by recent financial results.” — Michael J. Kowalski, chairman of the board of directors and interim ceo
The Golden Parachute: $4.1 million
Stefan Larsson
Ralph Lauren Corp.
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Start Date: November 2015
Departure Announced: February 2017
The Goodbye: “We have found that we have different views on how to evolve the creative and consumer-facing parts of the business.” — Ralph Lauren, executive chairman and chief creative officer
The Golden Parachute: $10 million
Andi Owen
Global brand president, Banana Republic division of Gap Inc.
Start Date: January 2015
Departure Announced: January 2017
The Goodbye: “While [Andi’s] improvements have been important steps forward, we have significant work to do in order to consistently win with customers.” — Art Peck, Gap Inc. chief executive officer
The Golden Parachute: $2 million
Paolo Riva
Diane von Furstenberg
Start Date: May 2015
Departure Announced: November 2016
The Goodbye: “He’s a very nice man. He did the best he could, and I wish him the absolute best.” — Diane von Furstenberg, founder and board co-chair
The Golden Parachute: Unknown
Richard Lepeu
Compagnie Financière Richemont
Start Date: April 2013
Departure Announced: November 2016
The Goodbye: “It’s not possible for one individual to be ceo and this was highlighted to me by poor Mr. Lepeu, who ended up with 35 direct reports.” — Johann Rupert, board chairman and shareholder of reference
The Golden Parachute: Unknown
Isabelle Guichot
Balenciaga division of Kering
Start Date: 2007
Departure Announced: November 2016
The Rationale: “New responsibilities” planned but yet to be announced
The Golden Parachute: Unknown
Federica Marchionni
Lands’ End Inc.
Start Date: February 2015
Departure Announced: September 2016
The Goodbye: “[Federica’s] creative vision has helped Lands’ End begin its transformation as a global lifestyle brand….She is stepping down at this time, leaving Lands’ End well positioned to continue its evolution and capture the growth opportunities that exist for our iconic brand in this dynamic retail environment.” — Josephine Linden, board chairman
The Golden Parachute: $4.7 million
Dawn Robertson
Stein Mart Inc.
Start Date: March 2016
Departure Announced: September 2016
The Goodbye: “Some of the sales initiatives that have been developed under Dawn’s leadership are important for our future, and we will continue to cultivate them to drive sales in this challenging retail environment.” — Jay Stein, board chairman
The Golden Parachute: $1.6 million
Gian Giacomo Ferraris
Gianni Versace SpA
Start Date: June 2009
Departure Announced: May 2016
The Goodbye: “Ferraris has done a great job in realigning the company to prepare it for very ambitious goals.” — Donatella Versace, vice president
The Golden Parachute: Unknown
Michele Norsa
Salvatore Ferragamo Group
Start Date: 2006
Departure Announced: April 2016
The Goodbye: “[Norsa] has expressed the wish to prioritize family and to focus on new professional interests after a long period of intense efforts and rewarding results.” — Company statement
The Golden Parachute: Unknown
Sharen Turney
Victoria’s Secret division of L Brands Inc.
Start Date: 2000
Departure Announced: February 2016
The Goodbye: “After 16 years…at Victoria’s Secret, I have decided to prioritize my family and my personal life and consider what’s next for me professionally.” — Sharen Turney
The Golden Parachute: $50.7 million, including the value of stock awards
Herbert Hainer
Adidas AG
Start Date: March 2001
Departure Announced: January 2016
The Goodbye: “Under Herbert Hainer, Adidas has become one of the most sustainable corporations in Europe and one of the world’s most attractive employers.” — Igor Landau, supervisory board chairman
The Golden Parachute: Unknown
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