This Huge Company’s CEO Just Stepped Down

With less than two years on the job, CEO of Lands’ End, Federica Marchionni, has stepped down from the position. She had been recruited from Dolce & Gabbana and was brought to Dodgeville, Wisconsin, in February 2015.

Lands’ End said Monday that Marchionni’s departure was effective immediately.

“The Board of Directors and I have agreed it is time for others to bring Lands’ End into the future,” Marchionni said in a printed statement.

The company’s board appointed Joseph Boitano, executive vice president and chief merchandising and design officer, and James Gooch, executive vice president and chief operating and financial officer, as co-interim chief executive officers.

“Federica is stepping down at this time, leaving Lands’ End well positioned to continue its evolution and capture the growth opportunities that exist for our iconic brand in this dynamic retail environment,” said Josephine Linden, board chairman.

Annual sales for Lands’ End has fallen for four consecutive years and net income for two. The company also lost money in its latest fiscal year.

Disclaimer: We have no position in Lands’ End, Inc. (NASDAQ: LE) and have not been compensated for this article.