Express Appoints New CEO Amidst Sales Slump
Fashion retailer Express has announced the resignation of CEO Tim Baxter and the appointment of Stewart Glendinning as the new CEO and member of the board of directors. The company has been facing declining sales and increased expenses, resulting in a 6% decrease in consolidated net sales profits compared to the same period last year. In an effort to reduce costs, Express plans to cut 150 jobs, with a charge of about $5 million. The new CEO is expected to bring fresh thinking and strategies for profitable growth to the company.