Dive Brief:
- In another effort to shake up its leadership, Chico's FAS has hired Patrick Guido to serve as its CFO effective Monday, the company announced. In his new role, Guido will report to Molly Langenstein, the company's CEO.
- Before joining Chico's FAS, Guido previously held positions at Asbury Automotive Group, Lululemon Athletica, VF Corporation, Home Depot and Saks.
- David Oliver, who served as the company's interim CFO since February 2020, will now serve as its senior vice president of finance-controller and chief accounting officer, per the announcement.
Dive Insight:
The Chico's FAS position is the latest in a series of C-suite roles that Guido has held in the past couple of years. Guido became the CFO of Lululemon in 2018. Lululemon announced Guido's departure to become the CFO of Asbury Automotive Group in May 2020. Then, in June of 2021, Guido left Asbury Automotive Group "for personal reasons," according to a press release at the time.
But as Guido steps into this new role, Chico's FAS has been hiring new leaders to modernize its digital strategy and merchandising. In March, the company hired Jay Topper as its chief digital officer, where he oversees its security, technology, infrastructure, supply chain and logistics. The company hired former Macy's exec Nancy Johnson to become Chico's senior vice president and general merchandise manager of merchandising and design, where she now handles the brand's product, design and strategy.
"[Guido] is a highly accomplished finance executive with deep knowledge of the retail industry and a proven track record guiding companies through significant growth periods," Langenstein said in a statement.
Before and during the COVID-19 pandemic, Chico's FAS faced financial hardship. In early 2019, the company announced plans to close 250 stores over the next three years. In August 2020, it declared bankruptcy in Canada, which resulted in the closure of four Chico's and six White House Black Market stores in Ontario. However, during its second-quarter earnings report this year, the company reported a sales increase of 54% year over year.
