Christopher & Banks Announces Appointment of LuAnn Via as President and Chief Executive Officer and a Member of the Board of Directors
30 Year Plus Retail Veteran with Extensive Merchandise and Product
Development Background
MINNEAPOLIS--(BUSINESS WIRE)--
Christopher & Banks Corporation (NYSE: CBK), a specialty women's apparel
retailer, today announced that it has completed the search, commenced in
February 2012, for a successor to Chief Executive Officer Joel Waller.
The Company's Board of Directors ("Board") has elected LuAnn Via as the
Company's President and Chief Executive Officer and as a member of its
Board effective upon her first day of employment, which is anticipated
to be November 26, 2012. As previously announced by the Company, Mr.
Waller will continue in a consulting capacity through June 30, 2013, in
order to ensure a smooth transition.
Paul Snyder, Chair of the Board of Directors and a member of the CEO
search committee, indicated that, "LuAnn is an exceptional choice for
this position and I am confident that she will provide excellent
leadership for Christopher & Banks as we continue to execute on the
turnaround strategy started by Joel Waller. Ms. Via's extensive
merchandise and product development experience in multiple retail
channels in addition to her strong executive and personal qualities were
key factors in the Board's decision to hire her. She brings a unique
combination of merchandise experience, customer focus, drive and a
passion for retail that makes her an ideal CEO to lead the Company."
Ms. Via said, "I am very excited to be joining Christopher & Banks and
working with the management team and the entire organization to build
upon the current strategy and return the Company to profitability. I
look forward to leveraging the Company's brand strengths to deliver
improved sales and earnings results for the Company's shareholders."
Mr. Snyder indicated on behalf of the Board, "We cannot thank Joel
enough for his many contributions as President and Chief Executive
Officer. He stepped into a very difficult situation and swiftly moved
the Company in the right direction. We were very fortunate to have had
his leadership during this critical time and we are pleased that Joel
will continue with Christopher & Banks as a consultant through June 30,
2013."
Mr. Waller said, "I want to thank the Board for the opportunity to serve
as the Company's President and Chief Executive Officer and am very
pleased with the progress that the current management team and I were
able to achieve thus far. I look forward to working with LuAnn to ensure
a smooth transition and the continuation of the Company's current
turnaround on its path to profitability."
From July 2008 until earlier this month, Ms. Via served as President and
Chief Executive Officer of Payless ShoeSource, Inc., a subsidiary of
Collective Brands, Inc., which recently was acquired. At Payless
ShoeSource, Ms. Via was responsible for approximately $2.4 billion in
annual revenues at 4,000 stores in 30 countries across four continents
with more than 26,000 employees worldwide. She also has specialty retail
women's experience, having served in several capacities at Charming
Shoppes, Inc. from January 2006 to July 2008. As a Group Divisional
President, she had overall merchandising and operational responsibility
for both the Lane Bryant and Cacique brands, generating over $1 billion
in annual sales and operating more than 850 stores. As President of
Catherines Stores, Inc., a Charming Shoppes subsidiary, she was
responsible for leading a $400 million retail operation with
approximately 350 stores. Ms. Via was at Sears Holding Company from 2003
to 2006 as a Vice President, General Merchandise Manager with
responsibility for accessories, fine jewelry, intimate apparel and
footwear. From 1998 to 2003, she was Senior Vice President, General
Merchandise Manager of Product Development at Saks, Inc. with
responsibility for design, development, sourcing and sales for women's
accessories, intimate apparel and footwear. She also has a variety of
other executive, merchandising and product development experience,
having previously worked at Federated Department Stores, The
Shoebox/Shoe Gallery and Trade AM International, among others. Ms. Via
attended the University of Miami and is a member of the board of
directors of Mela Sciences, Inc.
About Christopher & Banks
Christopher & Banks Corporation is a Minneapolis-based specialty
retailer of women's clothing. As of October 29, 2012, the Company
operates 640 stores in 44 states consisting of 388 Christopher & Banks
stores, 172 stores in their women's plus size clothing division CJ
Banks, 55 dual stores and 25 outlet stores. The Company also operates
the www.ChristopherandBanks.com
and www.CJBanks.com
e-commerce websites.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements. The forward-looking statements may use the words "expect",
"anticipate", "plan", "intend", "project", "believe" and similar
expressions and include statements: (i) that the Company intends to
build upon the current strategy to return the Company to profitability
and leverage the Company's brand strengths to deliver improved sales and
earnings results for the Company's shareholders. Important factors that
could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements include, but are
not limited to: (i) the inherent difficulty in forecasting consumer
buying and retail traffic patterns which may be affected by factors
beyond our control, such as a weakness in overall consumer demand;
adverse weather, economic or political conditions; and shifts in
consumer tastes or spending habits that result in reduced sales; (ii)
lack of acceptance of the Company's fashions, including its seasonal
fashions; (iii) the ability of the Company's infrastructure and systems
to adequately support our operations; (iv) the effectiveness of the
Company's brand awareness, marketing programs and efforts to enhance the
in-store experience; (v) the possibility that, because of poor customer
response to our merchandise, management may determine it is necessary to
sell merchandise at lower than expected margins or at a loss; (vi) the
failure to successfully implement the Company's strategic and tactical
plans; (vii) general economic conditions could lead to a reduction in
store traffic and in consumer spending on women's apparel; (viii)
fluctuations in the levels of the Company's sales, expenses or earnings;
and (ix) risks associated with the performance and operations of the
Company's Internet operations.
Readers are cautioned not to place undue reliance on these
forward-looking statements which are based on current expectations and
speak only as of the date of this release. The Company does not assume
any obligation to update or revise any forward-looking statement at any
time for any reason.
Certain other factors that may cause actual results to differ from
such forward-looking statements are included in the Company's periodic
reports filed with the Securities and Exchange Commission and available
on the Company's website under "Investor Relations" and you are urged to
carefully consider all such factors.
Company:
Christopher & Banks Corporation
Peter G.
Michielutti, 763-551-5000
Senior Vice President
Chief
Financial Officer
or
Investor Relations:
ICR, Inc.
Jean
Fontana, 646-277-1214
Source: Christopher & Banks Corporation
News Provided by Acquire Media
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