Wave of executive boards to live up apparel stocksWednesday, 17 October 2012
Tuesday left a handful of executive appointments within
the apparel industry. From Gap to Alfred Dunhill, there are many companies that have added new talent to their Boards, aimed to shake of the dust of their stock.
One of the most commented exits these days was that of Jochen Zeitz, Executive Chairman of the Board of Puma, who has announced his resignation from the athletic apparel brand, effective 30 November. It seems as if investors remain calm with this decision, as the stock closed up Tuesday, adding 4.8 percent. Perhaps this calm responds to the fact that Zeitz, who worked for Puma for 22 years, will stay on as Chief Sustainability Officer at French fashion firm PPR, Puma's owner.
Meanwhile, Children's Place has appointed Tricia Griffith to the Board of Directors. "Tricia has broad-based managerial, human resources and corporate governance experience," commented Norman Matthews, Chairman of the Board. "We are pleased to welcome her to The Children's Place Board." With this addition, the Company's Board of Directors will be enhanced from eight to nine. The stock closed slightly up, adding 0.02 percent.
Also changes within Alfred Dunhill. The menswear luxury label, part of the Compagnie Financière Richemon, has announced the appointment of Eraldo Poletto as CEO. Poletto replaces Christopher Colfer, who earlier this month announced that he would be stepping down as CEO of Alfred Dunhill after seven years to take up a group role at Richemont.
Despite Gap’s announcement of a new management structure – this has both investors and analysts expectant -. It was its British peer Asos which has had everyone in the industry talking. After appointing Brian McBride as Chairman in replacement of Lord Waheed Alli, the e-tailer has poached Kate Bostock from M&S. Bostock was the former head of general merchandise at Marks & Spencer and now will be in charge as Asos new executive director of product and trading.
This change appears to have boosted both stocks, with M&S adding 0.03 percent and Asos gaining by 0.91 percent.