Coldwater Creek chairman and founder Dennis Pence has taken the title chief executive officer, while Georgia Shonk-Simmons, who gave up the CEO title, kept her designation as president and added chief marketing officer duties to her responsibilities. Shonk-Simmons retains her seat on the company’s board of directors.
“This marks a return to a structure that worked very well in Coldwater Creek’s corporate history,” Pence said in a statement.
He continued, “My personal charge from the board of directors is returning the company to our days of rapid growth, and I look forward to working toward that end for the mutual benefit of the organization and the investment community. As we continue to grow the brand through catalogs, over the Internet, and, increasingly, with the expansion of our retail store base across the country, I look forward to leveraging my sales and marketing experience and placing additional emphasis on improving our return on invested capital and operating earnings.”
The changes came shortly after the Sandpoint, ID-based cataloger reported a second quarter net loss of $700,000, compared with net income of $1.3 million in second quarter 2001. The company’s sales were flat, at $93 million, during both quarters.
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