Latest news with #COVID-normalization
Yahoo
20-05-2025
- Business
- Yahoo
Bath & Body Works names Nike vet CEO
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Bath & Body Works announced Daniel Heaf as its CEO, effective last Friday, according to a Monday press release. Heaf comes to the company from Nike, where he most recently served as its chief strategy and transformation officer. He previously was the head of Nike Direct. Gina Boswell stepped down from the chief executive role and as a member of the board on Friday. The company billed her departure as a "termination without cause" in a securities filing. After more than two and a half years, Bath & Body Works' chief executive is out and a Nike vet will lead the company. Boswell originally came to the candle and soap retailer from Unilever in 2022 and has since been terminated, according to a filing with the U.S. Securities and Exchange Commission. 'On the behalf of the Board, I want to thank Gina for her contributions to Bath & Body Works. In the post COVID-normalization period she was able to stabilize the business and return it to profitable revenue growth,' Board Chair Sarah Nash said in a statement. Bath & Body Works conducted a search to find a new chief and brought on Heaf in part due to his past work with 'transformative growth.' As head of Nike Direct, Heaf oversaw 45,000 employees in 9,000 stores and doubled the business to $22.3 billion in five years, according to the company. 'His vision for evolving Bath & Body Works to be highly coveted, relevant, and resonant for customers everywhere — combined with his consumer-first mindset — make him the right person to lead Bath & Body Works,' Nash said. Heaf previously served in leadership roles at Burberry, including as senior vice president of digital, marketing, analytics and customer service, and was formerly chief digital officer at BBC Worldwide. He will be appointed as a board member after Bath & Body Works 2025 annual shareholder meeting. Alongside the executive shakeup, the personal care retailer also released preliminary Q1 earnings results. Net sales increased 3% year over year to $1.4 billion. The company is maintaining its full-year 2025 net sales guidance of 1% to 3% growth. Bath & Body Works recently introduced a new store design, Gingham+, featuring an updated layout, technology and scent bars. Last fall the company eliminated the president of retail role and the company's popular semi-annual sale 'fell short of our expectations,' Boswell said on a previous earnings call. Recommended Reading Pottery Barn Brands CEO to retire
Yahoo
20-05-2025
- Business
- Yahoo
Bath & Body Works brings on former Nike exec as new CEO
Bath & Body Works has chosen a former Nike executive to become its new CEO. The company said Monday that Daniel Heaf, Nike's former chief strategy and transformation officer, has taken over the CEO role at Bath & Body Works effective immediately. "I am honored and energized by the opportunity to lead Bath & Body Works into its next chapter of growth," he said in a statement. "Bath & Body Works has extraordinary untapped potential and sits at an exciting inflection point." CEO Gina Boswell stepping down precipitated Heaf's selection as CEO. "On behalf of the Board, I want to thank Gina for her contributions to Bath & Body Works," board chair Sarah Nash said. "In the post COVID-normalization period she was able to stabilize the business and return it to profitable revenue growth." She has held the top job at the beauty and skincare firm since November 2022. In March, the company said Boswell would be temporarily absent, for several weeks, for surgery. Read On The Fox Business App Heaf's appointment was unanimously approved by the company's board, according to Bath & Body Works. He is also expected to get a seat on Bath & Body Works' board after its upcoming shareholder meeting in June. In addition to Nike, his previous professional experience includes leadership roles at Burberry and BBC Worldwide, the company said. Unitedhealth Group Names New Ceo, Shares Slide Bath & Body Works touted Heaf as having a "deep consumer-centric mindset and a track record of driving bold innovation at scale across global consumer and retail companies." The change in leadership comes as the company grapples with uncertain discretionary spending, which caused it to forecast annual sales and profit largely below expectations in February. The company on Monday also announced preliminary first-quarter results and said it would maintain its full-year net sales and profit forecast. For the year, Bath & Body Works still anticipates it will see 1-3% growth in its net sales. Its annual earnings per diluted share are expected to be in the $3.25 to $3.60 range. The company preliminary said it generated $1.42 billion in first-quarter net sales, marking a year-over-year jump of 3%. Its official first-quarter financial results are slated to come out later in the month. Click Here To Read More On Fox Business The company's retail footprint spanned nearly 1,900 company-operated locations in the U.S. and Canada, plus over 500 franchised stores in other countries at the beginning of February. Bath & Body works was worth $7.19 billion on a market capitalization basis as of Monday afternoon. Reuters contributed to this article source: Bath & Body Works brings on former Nike exec as new CEO
