Dive Brief:
- Warby Parker has appointed Macy’s veteran Adrian Mitchell as its chief financial officer, effective Tuesday, according to a company press release.
- Mitchell most recently served as Macy’s, Inc.’s chief operating officer and chief financial officer. He also previously held executive leadership positions at home retailers Arhaus and Crate & Barrel.
- Mitchell will also become principal accounting officer and principal financial officer, succeeding Warby Parker co-founder and co-CEO Dave Gilboa, who had been serving in these roles on an interim basis.
Dive Insight:
Warby Parker has tapped an industry veteran to fill the CFO role. Former finance chief Steve Miller stepped down from the position in October after nearly 15 years in the role.
Mitchell has more than two decades of experience leading consumer brands and “brings a unique balance of strategic acumen, operational rigor, and financial expertise, allowing him to translate growth strategies into long-term shareholder value,” the company said.
“Adrian joins us as we embark on our most ambitious chapter yet,” Neil Blumenthal, co-founder and co-CEO at Warby Parker, said in a statement. “His ability to balance financial stewardship with forward-thinking, strategic leadership makes him an ideal addition to our team as we work to further our mission of vision for all.”
Mitchell’s compensation package includes an annual base salary of $530,000 plus equity awards. He will also be eligible to participate in Warby Parker’s annual performance-based bonus program.
Mitchell’s appointment comes as the eyewear company embarks on its next era.
Last year, Warby Parker ended its home try-on program, something the brand became known for, to instead focus on its virtual tech offerings and brick-and-mortar footprint.
The company about a year ago announced a partnership with Target in which Warby Parker would open branded shop-in-shops within the mass merchant’s stores. The company has also been building out its own fleet of stores, opening around 40 stores last year, bringing its total to just over 300. The company continues to tout the potential to eventually operate 900 stores.
In its most recent quarter, Warby Parker reported revenue increased more than 15% year over year to $29.2 million as its active customer base increased 9.3% to 2.66 million. The company also swung to a profit, posting a net income of $5.9 million from a loss of $4.1 million the year prior.
