Dive Brief:
- After a decade at Designer Brands, Chief Financial Officer and Chief Administrative Officer Jared Poff will depart at the end of the month, per a U.S. Securities and Exchange Commission filing.
- The company’s controller and principal accounting officer, Mark Haley, will serve as interim principal financial officer, effective Nov. 1, as Designer Brands searches for a permanent CFO. Haley joined Designer Brands in 2017.
- Poff is leaving the role to pursue a new professional opportunity, per the filing. For serving in the interim position, Haley will receive a one-time cash retention bonus of $100,000 that would need to be repaid if he were to resign within 24 months, in addition to other incentive perks related to stock awards.
Dive Insight:
Designer Brands — which operates Designer Shoe Warehouse, Camuto Group and more — will search for a new financial leader during a tumultuous time in the industry.
"Mark is a trusted and accomplished leader whose financial expertise and deep understanding of our business position him perfectly to lead during this important transition," CEO Doug Howe said in a statement. "I am confident that his strategic perspective, operational discipline, and commitment to excellence will ensure continuity as we move forward. As an organization, our efforts will remain focused on execution of our strategic initiatives to build a business rooted in the strength of our brand, centered on the customer, and positioned for long-term value creation."
While Poff’s next move was not immediately clear, the executive had joined Designer Brands after previously working at retailers such as Big Lots and Abercrombie & Fitch, per his LinkedIn.
For Designer Brands, the executive switch-up comes at a complex time for the company’s performance.
The footwear retailer last month reported that second-quarter net sales dropped 4.2% year over year to $739.8 million while comps declined 5%. U.S.-specific retail sales and comps were also down, and the company maintained its decision not to provide forward-looking guidance due in part to tariff volatility.
Fluctuating tariff rates and consumer discretionary spend patterns have concerned the company this year.
“While we previously expected tariffs to be a headwind, they have emerged as a significantly more substantial cost than anticipated across the industry, and we are actively managing the potential impact on our business,” Howe had told analysts on a call in June.
