Dive Brief:
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Former Coach retail chief Francine Della Badia is stepping down from her post as CEO of Bonobos, a menswear e-commerce company, after less than three months at the job. Della Badia will remain as an advisor to the company.
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Co-founder Andy Dunn, whom she replaced, will return as CEO.
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Dunn says that one of his priorities upon his return will be to find a COO for the company.
Dive Insight:
When Dunn stepped down in May to hand over the reins to a retail veteran, the move was highly praised and considered by many to be a long time coming, after some friction between the brand's founders and some earlier difficulties choosing a chief executive.
“Andy eventually decided he would move into the role of executive chairman of the company, and this time around, the Bonobos team took more than a year to evaluate new CEO candidates,” wrote Joel Peterson, chairman at JetBlue Airways and an early Bonobos investor, in May.
The selection process was careful and the board took its time, according to Peterson. “We believe that, thanks to the team’s homework, she will seamlessly take over the day-to-day operations of Bonobos. And from his new perch, Andy will lead the board, become Fran's key advisor, and be the company's most important ambassador as executive chairman.”
But it looks like that care didn’t pan out after all. The split was apparently due to fit, according to Dunn, as both Dunn and Della Badia agreed that Della Badia was more suited for a mature company rather than a fast growing startup like Bonobos.
"We've been on a fast growth trajectory and I was eager and excited to bring someone in with Fran's experience and pedigree," Dunn told Business Insider. "What she and I learned in just a few months is that at this stage, we still need the founder at the helm."
Now, Dunn is back as CEO, and says he’s determined to find the company a much-needed COO. According to Business Insider, the company hopes to expand its brick-and-mortar showrooms to 30 from 19 by the end of next year, and is financially "doing better than it ever had."
No word yet on whether Dunn’s return is designed to be temporary.