Stein Mart Inc. (Jacksonville, Fla.) has announced that ceo John Williams Jr. will retire at the end of the fiscal year. Michael Fisher, the company's president and coo, will take his place. Also at that time, Gwen Manto, executive vp chief merchandising officer, will become a vice chairperson.
Williams joined Stein Mart in 1980, when the discount apparel chain consisted of three stores. He became president of the company in 1990 and ceo in 2001. He is credited with helping build the store network into a publicly held, national chain of retail stores with annual revenues of more than $1.3 billion.
“Although technically, Jack became the ceo just last summer, in truth he's been my chief executive for more than two decades now,” chairman Jay Stein told stockholders.
Stein Mart currently has 263 stores across the U.S., offering moderately priced brand-name apparel, accessories, gifts, linens and shoes.