LE - Land's End stock sinks after announcing executive shakeup

Land’s End ( NASDAQ: LE ) stock dropped by a double-digit percentage on Thursday after announcing a number of C-suite shifts.

The company said that, effective January 28, current Chief Administrative Officer and General Counsel Peter L. Gray will also assume the role of Chief Commercial Officer, Divisional President Angie Rieger will take on the new role of Chief Transformation Officer, and former American Eagle VP of Merchandise Kym Maas will join the company to become Senior Vice President of Product and Merchandising. At the same time, CFO Jim Gooch will step down as Chief Accounting Officer Bernard McCracken takes up the role in an interim capacity.

“As we embark on the next phase of growth and development for this iconic American brand, these additions to our leadership team, and the changes to how we’re organized internally, will position Lands’ End to achieve our long-term goals,” CEO-designate Andrew McLean said. “Critically, we are building on a strong foundation and will accelerate our efforts by utilizing our powerful, proprietary data to better inform our product merchandising and marketing efforts with insights that help us anticipate and meet consumers’ evolving needs.”

McLean is also due to assume his role atop the company on January 28, replacing Jerome Griffith as he retires.

Shares of Land’s End ( LE ) fell 10.16% in afternoon trading on Thursday.

Read more on the succession plan outlined in the fall .

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