Guess?, Inc. has announced a transition in its Chief Financial Officer position. Dennis Secor has been appointed as the interim CFO, effective August 26, 2024. He brings with him extensive experience, having previously served as Guess? CFO from 2006 to 2012 and also as interim CFO from April 2022 to July 2023.
The company has also revealed that Markus Neubrand, the outgoing CFO, will remain at Guess? through September 30, 2024, to facilitate a smooth transition. This transition comes as Neubrand steps down to pursue a new opportunity that aligns with his personal priorities.
Guess? CEO, Carlos Alberini, expressed gratitude for Neubrand's contributions and wished him well in his future endeavors. Alberini also expressed confidence in Secor's abilities, stating that with his leadership and the strong finance team, the company is expected to continue its momentum without interruption.
It's worth noting that Guess? has initiated a search for its next CFO, who is expected to be based out of the company's headquarters in Lugano, Switzerland, with the assistance of an executive search firm.
About Guess?, Inc., it's important to highlight that as of May 4, 2024, the company directly operated 1,048 retail stores in Europe, the Americas, and Asia, with an additional 533 retail stores operated by partners and distributors worldwide. This demonstrates the company's extensive global retail presence.
Guess?, Inc. also recently acquired all the operating assets and a 50% interest in the intellectual property assets of the New York-based fashion brand Rag & Bone on April 2, 2024. This acquisition further solidifies Guess?'s position in the fashion industry, especially in the American fashion scene.
The company's ability to expand its global retail footprint and make strategic acquisitions speaks to its efforts to strengthen its brands and deliver value for its shareholders. The transition in the CFO position, with Secor taking the helm, comes at a transformative time for Guess?, and the company aims to continue building on its momentum under his leadership. The market has reacted to these announcements by moving the company's shares -3.9% to a price of $21.63. Check out the company's full 8-K submission here.
