N. Roderick “Rod” McGeachy 3rd has resigned as chairman, president and chief executive officer of Tandy Brands Accessories Inc. after a tumultuous tenure of nearly five years. His departure is effective Sept. 6.
Roger Hemminghaus, lead independent director and a member of the board since 2000, has been appointed interim ceo of the Dallas-based company.
Additionally, members of Tandy’s current management team will assume some of the duties overseen by McGeachy and report to Hemminghaus. Robert McCarten, previously executive vice president of the gifts division and accessories sales, has been promoted to executive vice president and president of Tandy Brands. John Lacy has been promoted to executive vice president of technology and operations after serving as vice president of the same areas. Joseph Talley continues as chief financial officer and moves to executive vice president from vice president.
The company said that the resignation wasn’t a result of any disagreement with Tandy or other members of management and that McGeachy would return to North Carolina “to pursue other opportunities and to be closer to family.”
Reached by phone, McGeachy said he would disclose his future plans shortly. He was vice president of strategy and business development for VF Corp.’s Jeanswear Americas unit before taking the ceo post of Tandy in October 2008.
His resignation comes one month after Tandy secured $40.5 million in new financing from Salus Capital Partners and King Trade Capital after it fell out of compliance with the profitability covenants of its previous facility with Wells Fargo following a difficult holiday season in its gifts business.
In the third quarter ended March 31, Tandy had a net loss of $8.5 million as sales slipped 17.9 percent to $19.6 million. The loss included pretax charges of $5.6 million to cover restructuring and impairment.
Hemminghaus, a former president of the Federal Reserve Bank of Dallas, is the former ceo of Ultramar Diamond Shamrock Corp., an energy firm acquired by Valero Energy Corp. in late 2001.
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