After eight months at Torrid, CFO and COO Tim Martin, resigned from the company.
Martin is exiting the dual roles to “pursue other opportunities” and will remain with the apparel company until May 26, according to a company press release.
Paula Dempsey, senior vice president of finance and investor relations, will take on the role of interim CFO until the company names a successor. Dempsey has been with Torrid since January of this year.
Additionally, Torrid Chief Technology Officer Hyon Park, who joined the company in September at the same time as Martin, will lead supply chain efforts. CEO Lisa Harper will oversee other operations including stores and real estate.
“We appreciate Tim’s leadership and his many contributions to our organization. We thank him and wish him well,” Harper said in a statement.
Martin came to Torrid from Guitar Center, where he was CFO. He has more than 25 years of experience at other companies like Lands’ End, Gap, Disney and Coldwater Creek.
Torrid has seen additional changes recently in its C-suite. In March, Chief Merchandising and Product Officer Anne Stephenson left the company under a separation agreement. That same month, the company announced the appointment of Chief Commercial Officer Mark Mizicko. And one year ago Harper joined the company as its chief executive, while Liz Muñoz — who was previously CEO — became chief creative officer.
In its fourth quarter, Torrid’s net sales decreased 5.5% year over year to $301.2 million, while comparable sales decreased 5.4%. Net loss was $3.8 million compared to a net loss of $22.8 million in the year-ago quarter.
For the year, net sales decreased by less than 1% year over year to $1.3 billion, while comparable sales dropped 3.4% compared to fiscal 2021. Net income was $50.2 million compared to a net loss of $29.9 million.
