ore, announced that the company's CEO and president, Michael B. Fisher has resigned effective immediately. The company did not provide any explanation for Fisher's resignation. Fisher served as CEO and President since 2003 and was with the firm for 14 years. In Fisher's place, the board announced the appointment of Linda McFarland Farthing, a board member since 1999 and a member of the board's audit committee since 2003. Farthing will take her position on or about September 24th. Farthing's appointment does not appear to be a slam dunk choice. While well-qualified, she has not recently managed a large retail business and while quite familiar with Stein Mart, one has to wonder what new approach she might bring to the table to get the operation humming.According to the board,
She has an extensive retail leadership background, most notably as president, chief operating officer and director of the Cato Corporation from 1990 - 1997 and president, chief operating officer and director of Friedman's Inc. in 1998. Prior to those roles, she was senior vie president and general merchandising manager for the J.B. Ivey Company, a Charlotte, NC-based regional department store chain, for 11 years.The Board also announced the election of two new members to the board of directors. The change in top management comes after two quarters of uninspiring performance. Most recently the company reported a disappointing second quarter with earnings and sales both down and has lowered its third quarter outlook.
We will just have to wait and see what changes, if any, Farthing puts in place, once she takes charge.
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