Dive Brief:
- David's Bridal announced Monday that CEO Scott Key and CFO Joan Hilson both stepped down from their respective positions, according to a company press release.
- Tom Lynch, former CEO of Frederick's of Hollywood, has been appointed interim CEO of the company. Curt Kroll, former CFO and chief revenue officer at National Stores, has been appointed interim CFO. David's Bridal had no additional comment when contacted by Retail Dive.
- Additionally, Jeffrey Zelenko, who has over 20 years of experience in the bridal industry, joined the retailer in a strategic advisor position, according to the company. The retailer also updated its Board of Directors with six new members.
Dive Insight:
David's Bridal is going through another dramatic shift by rearranging its c-suite leadership.
In about six months the retailer went from missing a debt payment (which the company at the time called a "strategic decision"), to voluntarily filing for Chapter 11 to emerging from bankruptcy only two months after the filing.
During that series of events then-CEO Scott Key assured customers that David's Bridal was still operating as normal. He also penned a letter to customers, detailing a plan to lead the company through restructuring processes including expanding apparel sizes, lowering prices and hosting more in-store events. (The letter was still on David's Bridal’s website under the heading of "message from our CEO" as of press time.)
Since emerging from bankruptcy, David's Bridal launched a new ad campaign that marked the retailer's first time featuring a same-sex couple. The 15 to 30-second TV spots signaled a change in market strategy to include an audience it previously ignored, and a continued evolution in the company's approach to the bridal industry.
