Express Inc. has a new head honcho.
The retailer’s board announced Tuesday that Macy’s Inc. alum Timothy Baxter will take the helm as Express’s chief executive officer starting June 17. In his new role, Baxter will also be on Express’ board.
“We are thrilled to have Tim join Express,” Mylle Mangum, Express’ chairwoman, said in a statement. “He is a seasoned retail executive and a strong merchant. Tim’s expertise in both specialty retail and department stores provides a unique perspective. He has proven public company leadership experience and a mix of skills that make us confident in his ability to return the business to growth.”
Baxter succeeds Matthew Moellering, who served as interim president and interim ceo after David Kornberg stepped down as president and ceo in January. Moellering will pivot to executive vice president and chief operating officer of Express.
Baxter, who has previously served as ceo of Delta Galil Premium Brands, as well as a 26-year stint at Macy’s, will be tasked with helping turn the struggling retailer around.
Shares of Express, which closed up 2.4 percent Tuesday to $3.45 a piece, are down more than 61 percent year-over-year.
Moellering described Express’ performance last quarter as “disappointing.” Even a thriving denim cycle hasn’t helped turn Express around.
But Baxter in a statement that he’s excited to join the “iconic fashion brand.”
“I look forward to working with the team at Express, building on the company’s 40-year history of delivering great product and experiences for customers,” he said.