Coldwater Creek Inc. (Sandpoint, Idaho) announced ceo Daniel Griesemer has resigned. He will also vacate his position as director and president of the company. Effective immediately, the company has brought back co-founder and chairman Dennis Pence to run the company.
Griesemer, who formerly worked for Federated Department Stores Inc. and Gap Inc., joined Coldwater Creek in October 2001. He was promoted to president and chief operating officer in March 2007 and took the reins as ceo in October 2007.
Pence, who started the women’s apparel retailer in 1984, served as ceo from 1984 to 2000 and from 2002 to October 2007. “It’s 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.”
Last month, Coldwater posted a second-quarter loss as increased promotions and occupancy costs ate into margins. Same-store sales were down 10.2 percent.