Coldwater Creek co-founder and chairman Dennis Pence has assumed the duties of president and CEO, effective immediately, replacing Daniel Griesemer.
"It is my firm belief that this brand, now 25 years of age, has significant opportunities for substantial growth,” Pence said in a statement.
“The Board of Directors has asked me to return as our leader in order to accelerate the timelines for this growth, and for a return to long-term profitability, which our shareholders so rightfully expect,” Pence continued.
Pence co-founded Coldwater Creek in 1984 as a catalog company and served as Chief Executive Officer from 1984 through December 2000 and then again from September 2002 until October 2007.
Griesemer has resigned from his positions as a director, president and CEO. “I would like to thank Dan Griesemer for his many contributions,” Pence said in a statement. “He has been an outstanding member of our team and we wish him great success in his future endeavors.”
The executive shakeup follows a rough second quarter for Coldwater Creek, in which the company recorded a net loss of $4.9 million, compared with net income of $3.1 million in second-quarter 2008. The company’s net sales fell from $241.4 million to $225.2 million during the same period. The most recent quarter ended Aug. 1.
The company’s net loss resulted primarily from rising cost of sales -- $149.5 million for the quarter just ended, compared with $145.8 million a year ago.
