U.S. fashion group Express Inc. announced on Thursday the appointment of Stewart Glendinning to the role of chief executive officer and a member of the board, effective September 15.
Glendinning succeeds Tim Baxter, who has resigned as chief executive officer and as a member of the board.
With more than 20 years of experience in the consumer products industry, Glendinning joines Express from Tyson Foods, Inc., where he served as group president, prepared foods. Prior to that, he served as chief financial officer of Tyson Foods.
Earlier in his career, Glendinning served as president and chief executive officer of Molson Coors International. He began his career at Molson Coors in 2005 as chief financial officer for Molson Coors UK and subsequently held the positions of chief financial officer for Molson Coors Brewing, president and chief executive officer of the UK business, and president and chief executive officer of Molson Coors Canada.
Before joining Molson Coors in 2005, Glendinning worked with KPMG and then The Hackett Group.
“The Express board is confident that Stewart is the right person to reinvigorate performance and build the strongest possible foundation on which Express can succeed,” said Mylle Mangum, chairman of the Express board.
“He is a highly accomplished executive who will bring fresh thinking to the company and our strategies for profitable growth. Stewart shares the board’s belief that further operating improvements and greater financial discipline are needed to ensure that Express is best positioned to deliver significant, sustainable shareholder value.”
The company said that Baxter’s resignation is unrelated to its accounting or financial reporting.
“Express has an outstanding portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform,” Glendinning said.
“Through a keen focus on execution and cost discipline, I am confident that we can better capitalize on these differentiators, increase the company’s financial strength and create shareholder value. I look forward to leveraging my experience and to working closely with the Board and Express team to drive value creation for all our stakeholders.”
In its most recent trading update on Wednesday, Express Inc. announced consolidated net sales for the second quarter fell 6% to $435.3 million, on the back of sales declines in the fashion group’s Express and UpWest brands.
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