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High-end CEO is out at Lands' End after less than two years

Krystina Gustafson
Patrick T. Fallon | Bloomberg | Getty Images. Federica Marchionni is exiting her post as CEO of Lands' End, the retailer said Monday.

Less than two years after taking the helm at Lands' End (LE), high-fashion CEO Federica Marchionni is exiting her post, the retailer said Monday.

Following stints at luxury labels Dolce & Gabbana and Ferrari, Marchionni's appointment in February 2015 raised eyebrows in the retail industry. Historically, Lands' End — which previously had an exclusive relationship with Sears (SHLD) — has been more commonly associated with polos and khakis than luxury looks.

The hire came under further scrutiny earlier this year, when the typically conservative Lands' End featured photos and an interview with feminist and abortion activist Gloria Steinem in its spring catalog. The company later issued an apology .

"On behalf of the entire Board, I want to thank Federica for her dedication and contributions to Lands' End. Her creative vision has helped Lands' End begin its transformation as a global lifestyle brand with a broader merchandise offering that is more relevant in today's marketplace," Josephine Linden, chairman of the board, said in a statement Monday.

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"I am honored to have led this extraordinary company and proud to have succeeded in providing a vision to expand its positioning in the industry with a multi-dimensional strategy. However, the board of directors and I have agreed it is time for others to bring Lands' End into the future," Marchionni said.

Joseph Boitano and James Gooch will share the role of interim chief executive officer, effective immediately. Boitano currently serves as the company's executive vice president and chief merchandising and design officer, while Gooch is executive vice president and chief operating and financial officer.

The company said it is considering internal and external hires to fill the role.

Lands' End's revenue fell 6.5 percent, to $292 million, in the quarter ended July 29. Its shares are down more than 30 percent over the past year.

Marchionni's departure is the latest in a recent spate of high-profile retail exits. In less than a month, Target (TGT) parted ways with both its chief digital officer and chief marketing officer.

And last week, reports surfaced that American Apparel CEO Paula Schneider was set to exit the Los Angeles-based company after less than two years. A source close to the matter later confirmed the departure to CNBC.

A spokeswoman for American Apparel declined to comment.



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