- Signs for push-out forces
- After around seven years on the job
- Laud, praise, thanks and good wishes for DeOrio
- Search for a successor
- DeOrio made a lengthy statement and said 73 words
(exechange) — Belleville, Wisconsin, June 01, 2017 — Mark DeOrio, finance chief of Duluth, leaves. His departure is made public at an early stage. As announced by Duluth Holdings Inc. in a news release and in a regulatory filing published on Thursday, June 01, 2017, Mark M. DeOrio, Chief Financial Officer, leaves the men’s clothing stores company in a surprising move after around seven years on the job, effective December 31, 2017.
DeOrio will remain in his role until the next chief financial officer is appointed, and he will then assist with his successor’s transition until his retirement.
Duluth will undertake a search for a successor.
“Opportune time for me and the Company to plan my retirement”
The management change is explained as follows. DeOrio said: “While I will miss working with our great leadership team and all my talented colleagues, this is an opportune time for me and the Company to plan my retirement.”
Precise information about the future plans of DeOrio was not immediately available.
Duluth said: “Chief Financial Officer Mark DeOrio plans to retire at the end of calendar year 2017.”
Duluth further said: “On May 30, 2017, Mark M. DeOrio, Senior Vice President and Chief Financial Officer of Duluth Holdings Inc. …, notified the Company of his intent to retire after nearly seven years of service to the Company.”
Share price decline
The change follows a decline in the share price of Duluth Holdings Inc. since December 2016.
Chaired by Stephen L. Schlecht
Duluth Holdings Inc. is chaired by Stephen L. Schlecht.
Schlecht is the founder of the Company and has served as Executive Chairman of the Board since February 2015.
CEO: Stephanie Pugliese
Stephanie Pugliese serves as CEO of Duluth Holdings Inc. Pugliese has served as President of the Company since February 2012 and as Chief Executive Officer since February 2015.
On the job as CFO since 2010
DeOrio has been Chief Financial Officer of Duluth Trading since August 2010, and also served as the Company’s Senior Vice President of Operations from 2010 to January 2015.
Prior to joining Duluth in 2010, he held the positions of Chief Financial Officer and Vice President of Operations at eBags, Inc., and Vice President and Chief Financial Officer at Case Logic, Inc.
His 40-year career in the consumer products industry also included nine years with KPMG.
DeOrio holds a B.B.A. degree in accounting from the University of Notre Dame Mendoza School of Business and is a CPA (inactive).
DeOrio’s retirement will be effective on a date to be mutually agreed upon by DeOrio and the Company, but no later than December 31, 2017 (the “Separation Date”).
As a general rule, when a top manager announces to step aside with no successor in place, it is a sign that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mark DeOrio’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 23.2017 ($).