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Charming Shoppes said yesterday that Dorrit J. Bern, president and CEO of the Bensalem, Pa.-based company for 13 years, had resigned effective immediately. Chairman Alan Rosskamm has been named interim CEO while Charming searches for a replacement.
The company said it expects to take a 4-cent to
5-cent per share charge in its fiscal second quarter related to Bern's severance.
Meanwhile, Brian P. Woolf started yesterday as president of the Lane Bryant brand, which was sold to Charming Shoppes by The Limited in 2001. The women's plus-size clothing retailer employs about 250 people at its Columbus headquarters.
Woolf is replacing LuAnn Via, who has joined Collective Brands' Payless discount shoe chain as president and CEO.
Woolf left The Limited in October 2000 to become CEO of Cache, a women's fashion retailer out of New York City.
Charming Shoppes, which also operates Fashion Bug and Catherines, has been struggling, as have most other women's apparel retailers, with sluggish sales and poor stock performance. In February, management said it planned to close nearly 150 underperforming stores.
Early this year, a shareholder group unhappy with the company's financial results launched a proxy fight against Charming Shoppes' directors. That matter was resolved in May, with two investor-backed nominees for the board gaining support from the company.
In a note to investors, analyst Liz Dunn of Thomas Weisel Partners said she viewed the CEO change as "a potential positive catalyst."
"We believe getting some fresh perspective could drive improved results," she said. Although Dunn said she likes the choice of Woolf, she called Via's departure from Lane Bryant "disappointing" given the "inconsistency of leadership" at the chain.
Woolf is the fifth Lane Bryant CEO since its acquisition by Charming Shoppes in 2001.
The news sent Charming's shares up about 3 percent, to close at $4.84, up 14 cents.
mrose@dispatch.com
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