Express Appoints Former Macy’s Exec As CEO
Express has appointed Timothy Baxter as its next CEO, ending a four-month search. Baxter will assume day-to-day leadership of the fashion retailer and join the company’s Board of Directors effective June 17. He succeeds interim President and CEO Matthew Moellering, who will revert to his original position of EVP and COO of the company.
Baxter has the task of breathing life back into a 600-store business that has treaded water in recent years. Hampered by the departure of CEO David Kornberg in January, Express saw a Q4 loss of $1.1 million, with sales down 6% during the holiday season. For the full year, net sales declined 2% to $2.11 billion, while comparable store sales fell 1%. Net income in 2018 was $9.6 million, or $0.13 per share.
Baxter spent 26 years at Macy's, ending his career there as Chief Merchandising Officer, and the now-defunct May Department Stores. Most recently, he served as CEO of Israel-based specialty apparel retailer Delta Galil Premium Brands, parent company of 7 for All Mankind.