Vera Bradley to cut about 25 corporate positions, appoint new CFO
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- Vera Bradley (NASDAQ:VRA) on Tuesday said it would cut around 25 corporate positions and appoint a new CFO as part of an additional reorganization and cost reduction plan.
- Shares of the handbag and luggage maker were unchanged after hours. They had earlier closed -6.7% at $5.33.
- VRA said the positions to be eliminated were in the marketing, e-commerce, product design, and product development areas of the company.
- Additionally, VRA said Michael Schwindle would be joining the company as CFO on May 8, replacing John Enwright.
- According to VRA, Schwindle is a 30-year retail industry veteran who previously held roles in companies such as Home Depot (HD), and has served as CFO for accessory and jewelry retailer Claire’s since early 2020.
- "These most recent organizational changes and non-payroll expense reductions are expected to produce annualized savings of approximately $12M, on top of the $27M of cost reductions previously identified and largely realized in fiscal 2023," VRA CEO Jackie Ardrey said in a statement.