FORT WAYNE, Ind. (WANE) – The chief executive officer of Vera Bradley is stepping down after less than three years in the role.
On Wednesday, the company behind recognizable patterned bags announced Jacqueline Ardrey would be leaving. Ardrey was hired in November 2022 and kickstarted an initiative to transform the company’s business model and branding amid a trend in decreasing sales.
“I want to thank the Board and our amazing associates for their support and look forward to seeing Vera Bradley’s growth journey ahead,” said Ardrey, who will be leaving at the end of July, according to the announcement.
Vera Bradley also announced Chief Financial Officer Michael Schwindle is stepping down at the end of June after ushering in a new CFO, Martin “Marty” Layding, who has been in similar roles with the Supreme brand and Tapestry’s Coach.
Vera Bradley also released results of the first quarter of the fiscal year. Consolidated net revenues from continuing operations totaled $51.7 million compared to $67.9 million in the prior year first quarter ended May 4, 2024, according to the release.
“Our first quarter results were disappointing as top line and profitability trends from the previous several quarters continued… While there is significant work to be done on many fronts in order to return the company’s results to a stable and positive growth story, the teams are committed to doing just that.”
Jacqueline Ardrey, Vera Bradley CEO
In March, Vera Bradley sold jewelry brand Pura Vida, so that is no longer included in the company’s consolidated financial results.
While Vera Bradley’s Board of Directors has launched a national search for its new CEO, a new role was created in the meantime. Starting July 7, Ian Bickley is assuming the temporary role of Executive Chairman. Bickley, who will also become the chairman of the Board of Directors, has “extensive executive experience” with companies such as Coach, the Body Shop, Crocs and Brilliant Earth.
That also means current Board Chairman Robert Hall will be stepping down from that role but will continue to serve as a director on the Board.
The Board has also established a new Strategy and Transformation Committee to work closely with incoming leadership in shaping the company’s strategic direction and future growth initiatives, according to the announcement. The committee is co-led by Bickley and Director Andrew Meslow, who has experience as the CEO of Bath & Body Works and L Brands. Meslow will also be assuming the role of Lead Independent Director of the company.
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