After we all filed in, our CEO came in and told us he was stepping down at the end of the year.
I don't know what to think. But since this company wasn't doing very well in the past years, and this year we seem to be doing much better. I'm not so bad it's a bad thing, but it's still a little scarey.
Two major things I heard from the Rumor-ites yesterday:
- "What if the new guy comes in and turns it all "corporate" on us?" --My secret thoughts on this matter... If that happened, I think it could just be a good thing. If the new person makes the office more professional, I think that buisness will follow. I've had many concerns about this issue, that I've expressed to several of my friends.
- "I bet he was forced out." --My secret thoughts...It's probable. If a company has not been doing well for a long time, why wouldn't the shareholders or board or whatever want to out the guy that was at the helm?
I don't exactly know what I think about it. I am an advocate for change, so it doesn't really worry me too much. This change could make things a heck of a lot better around here. And if it doesn't make things a heck of a lot better, then I have a positive looking resume and can find something else that suits me. And if it is worse around here, then maybe that is a sign that this isn't the place I'm supposed to be. Know what I mean?
Here is the press release if anyone wants to read it:
For Immediate Release
Wilsons Leather Chairman, CEO to Resign
Joel N. Waller to Step Down by January 31, 2005
MINNEAPOLIS – October 28, 2004 – Wilsons The Leather Experts (Nasdaq: WLSN) today announced that longtime Chairman and Chief Executive Officer Joel N. Waller will step down by January 31, 2005. A search to replace Waller as Chief Executive Officer is currently underway and the Company expects to make an announcement regarding his successor within a month.
Waller, 65, who has been with the Company and its predecessors for 28 years and served as its CEO for 21 years, said the timing is right for a leadership transition.
Earlier this year, Wilsons Leather began an aggressive turnaround plan to improve profitability and strengthen its financial position. During the first half of 2004, the Company streamlined headquarters positions, closed two distribution centers and exited 111 underperforming stores to realign costs with revenue. And in July, Wilsons Leather secured $35.0 million in private equity financing. As a result, operating margins and comparable store sales have improved significantly.
“The business is on the right track for success,” said Waller. “We have a solid strategy in place and we have made excellent progress toward our goal of improving our overall business performance. As I transition my leadership, I’m confident that our strong management team will continue to advance our initiatives and drive Wilsons Leather forward.”
Under Waller’s leadership, Wilsons Leather has grown from a small regional concept to a nationally recognized brand. His vision has been integral to the success of the Wilsons Leather brand for more than a quarter of a century.
About Wilsons Leather
Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of October 2, 2004, Wilsons Leather operated 453 stores located in 45 states and the District of Columbia, including 328 mall stores, 109 outlet stores and 16 airport stores. The Company regularly supplements its permanent mall stores with seasonal stores during its peak selling season from October through January.
