Dive Brief:
- Qurate Retail Group, the parent company of QVC, HSN, Zulily and four other retail brands, has named Bill Wafford as its new chief financial officer, the company announced on Wednesday. James Hathaway, who had been the company’s interim chief financial officer, will become CFO of QVC U.S.
- Wafford joins Qurate from DTC apparel brand Everlane, where he was CFO. He also served as the chief financial officer at other retailers including J.C. Penney and The Vitamin Shoppe and held various executive finance positions with Walgreens Boots Alliance and Target, among other companies.
- Wafford will join the company at its West Chester, Pennsylvania, headquarters on March 20 and will report to Qurate’s president and CEO, David Rawlinson, per the announcement.
Dive Insight:
Qurate continues to shape its leadership as it tries to turn itself around.
In August, the company named Hathaway interim chief financial officer after its former CFO, Jeffrey Davis, resigned. At that time, the company named William Hunter to the newly created position of chief transformation officer. In September, Scott Barnhart was appointed as chief operating officer, putting him in charge of its supply chain, corporate real estate, procurement, workplace services and global business services across its subsidiary brands.
“Qurate Retail is in the midst of a multi-year growth plan that touches every facet of our business and is focused on stabilizing the core business and expanding our leadership in video streaming commerce,” Rawlinson said in a statement regarding Wafford’s hiring.
In its earnings released Wednesday, the company reported fourth-quarter revenue fell 13% year over year to $3.5 billion and annual revenue declined 14% to $12.1 billion. Its e-commerce sales fell 14% to $2.3 billion in Q4 and a declined 14% to $7.6 billion for the full year.
Revenue for its Zulily brand decreased 28% for the quarter and 38% for the full year.
The company said that in 2022 it took actions to reduce inventory and has a workforce reduction plan that will take effect this year.
“2022 was a challenging year for the company. We faced downstream impacts from the December 2021 fire at our Rocky Mount fulfillment center throughout the year, while also experiencing macro pressure that impacted consumer demand,” Rawlinson said in a statement. “We have taken action to strengthen the balance sheet, improve execution and aggressively cut costs, including meaningfully reducing excess inventory and undergoing a structural reorganization. These efforts are part of a multi-year strategic plan for financial and operating improvement that will begin to materialize in the coming quarters.”
This past September, S&P Global Ratings downgraded Qurate Retail Group’s corporate rating to B+, citing the company’s supply chain issues and reduced discretionary spending as threatening its turnaround plan.
