- Push-out Score determined
- After nine years in the position
- Praise for Hasson
- Dual Chief Executive Officer role eliminated
- Trina Spear becomes sole Chief Executive Officer
- Hasson will remain as Executive Chair at Figs
- Hasson said 92 words
(exechange) — Santa Monica, California, August 4, 2022 — Heather Hasson, co-chief executive of Figs, leaves her position. As announced by Figs Inc. in a news release and in a regulatory filing published on Thursday, August 4, 2022, Heather Hasson leaves her post as co-chief executive officer at the healthcare apparel and lifestyle brand, after nine years in the role, effective immediately.
Figs eliminates the dual Chief Executive Officer role. Catherine (Trina) Spear will be sole Chief Executive Officer.
“Clarity of title and roles”
Figs did not give an explicit reason for Heather Hasson’s departure from the Co-CEO post. Hasson said: “As Trina and I continue our partnership, today’s announcement formalizes a division of responsibility that naturally came about as we progressed during our first year as a public company. The clarity of title and roles will allow me to focus on product innovation, and I look forward to continuing to work alongside Trina, who has executed as a brilliant leader for Figs for many years now.”
Hasson will remain as Executive Chair at Figs
“Figs announced new titles for co-Chief Executive Officers, Heather Hasson and Trina Spear. Effective immediately, Ms. Hasson, who also serves as Chair of the Board of Directors, will assume the title of Executive Chair and continue to focus on developing product innovations for Figs,” Figs said.
“Resigned”
Figs said: “On August 2, 2022, the Board of Directors (the “Board”) of the Company appointed Heather Hasson as Executive Chair of the Board, effective August 4, 2022 (the “Effective Date”). In connection with her appointment as Executive Chair, Ms. Hasson has resigned as Co-Chief Executive Officer and co-principal executive officer of the Company, effective on the Effective Date. Ms. Hasson will continue to be an executive officer and director of the Company.”
Share price decline since August 2021
The announcement follows a decline in Figs Inc.’s share price of 68% since August 2021.
In the position of CEO since 2013
Heather Hasson became CEO of the Company in 2013.
Hasson co-founded the Company and served as the Company’s co-Chief Executive Officer and as chairperson of the Company’s Board.
Prior to co-founding Figs, Hasson was an entrepreneur, having served as founder and CEO of Heather Hasson bags, a high-end bag line, and Figs Ties, a tie and scarf company.
Since January 2021, Hasson also has served as a member of the board of directors of G Squared Ascend I Inc. and G Squared Ascend II Inc., two blank check companies, and as a member of the board of directors of RxArt, a non-profit whose mission is to help children heal through the extraordinary power of visual art.
Hasson holds a B.A. in Political Science from the University of Wisconsin-Madison.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Heather Hasson’s move on a scale of 0 to 10.
exechange reached out to Figs and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2022 ($).