Charming Shoppes CEO Bern resigns, Chairman Alan Rosskamm to fill in, expects 2nd-qtr charge
Wednesday July 9, 9:33 am ET
BENSALEM, Pa. (AP) -- Women's apparel retailer Charming Shoppes Inc. said Wednesday its president and chief executive, Dorrit J. Bern, is resigning, effective immediately, and that it will take a charge in the second quarter related to her employment contract.
The company said its chairman, Alan Rosskamm, will serve as CEO on an interim basis. Rosskamm was formerly the chairman and CEO of Jo-Ann Stores Inc.
The company said it has formed a special committee to search for a permanent CEO.
The retailer also said it expects to record an after-tax charge of between $5 million and $6 million, or 4 cents to 5 cents per share, in the second quarter related to Bern's employment agreement.
Rosskamm said the board and Bern "agreed that now is the appropriate time for a change in leadership of the company."
Charming Shoppes also said Brian P. Woolf, former chairman and CEO of apparel retailer Cache Inc., has been appointed president of the Lane Bryant brand. He will succeed LuAnn Via.
Via resigned to become president and CEO of Payless Source Inc., a division of Collective Brands Inc.
Collective Brands said Via will replace Matthew Rubel, who is chairman and CEO of the company.
Via will begin at Payless later this month, Collective Brands said. |