- Vera Bradley ( NASDAQ: VRA ) said Thursday president and CEO Robert Wallstrom plans to retire .
- Wallstrom will remain president and CEO till a successor is named, which is expected by the start of 2023. He will work with VRA's board to identify his successor.
- Both internal and external candidates will be considered for the role.
- During its Q1 earning report , VRA said it began a comprehensive cost reduction and efficiency process.
- Management identified annualized cost cuts totaling ~$25M, which will be fully implemented in the fiscal year ending Feb. 3, 2024.
- A portion of cost cuts will be realized in the fiscal year ending Jan. 28, 2023.
- Cost savings will be implemented across various areas, including retail store efficiencies, marketing expenses, IT contracts, professional services, logistics and operational costs, and corporate payroll (primarily through attrition).
For further details see:
Vera Bradley CEO Wallstrom to retire; firm identifies $25M annualized cost cuts