- Push-out Score determined
- After about four and a half years in the position
- Praise, thanks and good wishes for Pugliese
- Steve Schlecht taking over in the interim
- Search for a successor
- Pugliese kept it short and said 54 words
(exechange) — Mount Horeb, Wisconsin, September 4, 2019 — Stephanie Pugliese, chief executive of Duluth, leaves. As announced by Duluth Holdings Inc. in a news release and in a regulatory filing published on Wednesday, September 4, 2019, Stephanie L. Pugliese has left her post as Chief Executive Officer at the operator of the Duluth Trading Co. chain of retail stores after about four and a half years in the role, effective August 29, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.
Duluth will undertake a search for a successor.
Stephanie Pugliese’s duties as CEO will be taken over in the interim by Stephen L. (Steve) Schlecht, most recently Executive Chairman of Duluth Holdings Inc.
It is a reverse generational change. Steve Schlecht is about 23 years older than Stephanie Pugliese.
“To accept a leadership position at another company”
Stephanie Pugliese’s departure from the CEO post is explained as follows. Stephen L. Schlecht said: “The Board of Directors of Duluth Trading Company accepted Stephanie’s decision to resign as President and CEO of the Company based on her desire to accept a leadership position at another company.”
Precise information regarding Stephanie Pugliese’s future plans was not immediately available.
Duluth said: “Stephanie Pugliese resigned as President and Chief Executive Officer and as a Board member, effective as of August 29, 2019.”
Duluth further said: “On August 28, 2019, Stephanie L. Pugliese resigned as the President and Chief Executive Officer and as a member of the Board of Directors (the “Board”) of Duluth Holdings Inc. (the “Company”) effective as of August 29, 2019.”
Share price decline
The announcement follows a decline in Duluth Holdings Inc.’s share price of 74% since September 2018.
In the position of CEO since 2015
Stephanie Pugliese became CEO of the Company in February 2015.
Pugliese has served as President of the Company since February 2012 and as Chief Executive Officer since February 2015.
Pugliese has previously served as the Company’s President and Chief Operating Officer from February 2014 to February 2015, as the Company’s Senior Vice President and Chief Merchandising Officer from July 2010 to February 2012, and as the Company’s Vice President of Product Development from November 2008 to July 2010.
Pugliese previously served as a senior executive in several positions with Lands’ End, Inc. from November 2005 to October 2008, including General Merchandising Manager of Women’s Apparel, Men’s Apparel, and the Home Division.
She also previously held the position of Vice President of Merchandising at Ann Inc. from March 2000 to May 2003.
Pugliese holds a B.A. degree in marketing from New York University Stern School of Business.
Pugliese has also served on the Company’s Board of Directors since September 2015.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Duluth and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2019 ($).