Mark Worden has exited his position as president and chief executive of Shoe Carnival, effective Tuesday. He also resigned as a member of the company’s board.
Shoe Carnival’s vice chairman of the board, Cliff Sifford, has been named interim president and CEO, according to a company press release. The company is conducting a search for a permanent successor.
The shoe company did not immediately respond to questions regarding Worden’s sudden exit, but did state that his departure was not due to a disagreement with the company on any matter relating to its operations, policies or practices, according to a filing with the U.S. Securities and Exchange Commission.
Worden had been with Shoe Carnival since 2018, first joining the company as its chief strategy officer and chief marketing officer. By 2021, he was named CEO, replacing Sifford, who had been in the role for nine years prior.
Worden was in the midst of an effort to rebanner the company’s Shoe Carnival stores to become Shoe Station locations, stating last spring that it was the “future of our store base.” Initial tests to rebanner locations proved so successful that the retailer accelerated its expansion strategy so that Shoe Station will ultimately become the company’s primary operating banner.
The change is expected to produce $20 million in annual cost savings from reduced dual-brand complexity, along with a $100 million reduction in inventory investment because Shoe Station’s model requires less inventory per store.
In its latest earnings, the company reported that net sales were down about 3% year over year to $297 million, with net income down 23.9% to $14.6 million. The Shoe Carnival brand’s net sales declined 5.2% compared to the year-ago quarter, with comparable store sales down mid-single digits, as lower-income consumers remained pressured, per the company. Shoe Station net sales were up 5.3%.
