Lands’ End CMO is Out
Steve’s breakdown: Something hit the fan at Land’s End and we expect more changes from Federica Marchionni, the new CEO, which could include an agency search.
DODGEVILLE, WI: Steven Rado, the chief marketing officer at Lands’ End Inc., has resigned, the Dodgeville company disclosed Friday in a filing with securities regulators.
The brief statement said only that Rado’s resignation will be effective Saturday, and that the firm plans to search externally for a replacement.
Rado was hired two years ago, when the catalog and online apparel retailer was headed by then-CEO Edgar Huber.
Former Dolce & Gabbana executive Federica Marchionni succeeded Huber in February 2015 and has been tweaking Lands’ End’s traditional approach, including the introduction of a new line of more fashion-forward clothing aimed at a younger, more style-conscious customer. So far, Marchionni’s efforts have yet to lift the firm’s performance. Lands’ End has posted six straight quarters of declining year-over-year sales, and booked a loss in the fourth quarter as it wrote down the value of its name.
The chief marketer is a vital position at any retailer. When Rado was hired, the Lands’ End announcement said he would “lead all aspects of marketing for the brand, including the oversight of strategic development, direction, and implementation of all marketing activities.”
One of the company’s most highly paid executives, Rado got total compensation of $507,385 last year, and $838,160 in 2014. He came to Lands’ End from Office Depot, where he was senior vice president of marketing and customer strategy.
Rado is the second high-level executive to depart Lands’ End this year. In January, the company announced the “separation from service” of chief financial officer and chief operating officer Michael Rosera. Rosera was immediately replaced by James Gooch, a former chief executive of DeMoulas Supermarkets and RadioShack Corp.