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Help Wanted: Retailers in Search of CEOs

There was no shortage of CEO shake-ups in 2022 and the trend has continued in the new year with the abrupt resignation of Sharon Leite, CEO of The Vitamin Shoppe, at the beginning of January.

With Leite’s exit, The Vitamin Shoppe joins the following other companies that, as of Feb.1, are also searching for a new retail leader.

• Conn’s: Chandra Holt, a former Walmart exec, stepped down as CEO of the furniture, appliance and electronics retailer in October, after only 14 months on the job. Former CEO Norman Miller, whom Holt succeeded, has stepped back in on an interim basis.

• Gap Inc.: The apparel retailer has been searching for a new CEO since Sonia Syngal abruptly left the post in July. Meanwhile, industry veteran Bob Martin, the company’s current executive chairman, is serving as interim chief. He’s been on the Gap board since 2002.

• Kohl’s Corp.: Board member Tom Kingsbury is serving as interim CEO while the retailer searches for a replacement for Michelle Gass, who left in December to serve as president of of Levi Strauss & Co. The appointment is part of a succession plan that will see Gass succeed longtime-CEO Chip Bergh within the next 18 months.

• Rite Aid: The pharmacy retailer appointed board member Elizabeth (“Busy”) Burr as interim chief executive following the sudden departure of Heyward Donigan, who held the position since August 2019. Her exit came as Rite Aid has struggled to compete with pharmacy rivals CVS Health and Walgreens, both of which have made extensive inroads into the broader field of health care.

• The RealReal: Company founder Julie Wainwright, stepped down as CEO, chairperson and board member in June. RealReal president and COO Rati Sahi Levesque and CFO Robert Julian are acting as co-CEOs while the luxury resale retailer looks for a permanent CEO.

• VF Corp.: In a surprise departure, Steve Rendle stepped down as president, CEO and chairman of the parent company of The North Face, Timberland, Vans and other brands. VF said that Rendle retired “by mutual agreement with the board.”

• Vitamin Shoppe: Sharon Leite announced her resignation as CEO of the vitamin and nutritional products specialty retailer on her LinkedIn page at the start of January. Leite, who was named to the top spot in 2018, wrote that she was “excited about where I am headed next.” The company said a new chief executive will be announced at a later date.

• PriceSmart: Sherry Bahrambeygui left her post as CEO of PriceSmart, which operates 50 membership warehouse clubs in Latin America and the Caribbean, in February to pursue professional and philanthropic interests. Company founder and chairman Robert Price has stepped in as interim chief.

Until very recently, Under Armour would have made the list above. But at the end of last year, the athletic performance apparel, footwear and accessories brand named 25-year Marriott executive Stephanie Linnartz as president, CEO and board member. According to reports, she was one of 60 candidates considered for the position and was selected due to her digital expertise and success in transforming the hotel chain’s online presence.

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