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Bathtub & Physique Works has chosen a former Nike govt to turn into its new CEO.
The corporate stated Monday that Daniel Heaf, Nike’s former chief technique and transformation officer, has taken over the CEO position at Bathtub & Physique Works efficient instantly.
“I am honored and energized by the opportunity to lead Bath & Body Works into its next chapter of growth,” he stated in a press release. “Bath & Body Works has extraordinary untapped potential and sits at an exciting inflection point.”
A Bathtub & Physique Works retailer in Las Vegas, Nevada, US, on Monday, June 3, 2024. The corporate is pulling a candle from its cabinets after customers on-line likened it to the Ku Klux Klan (Bridget Bennett/Bloomberg by way of Getty Pictures / Getty Pictures)
CEO Gina Boswell stepping down precipitated Heaf’s choice as CEO.
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“On behalf of the Board, I want to thank Gina for her contributions to Bath & Body Works,” board chair Sarah Nash stated. “In the post COVID-normalization period she was able to stabilize the business and return it to profitable revenue growth.”
She has held the highest job on the magnificence and skincare agency since November 2022. In March, the corporate stated Boswell could be briefly absent, for a number of weeks, for surgical procedure.
Heaf’s appointment was unanimously accredited by the corporate’s board, in keeping with Bathtub & Physique Works. He’s additionally anticipated to get a seat on Bathtub & Physique Works’ board after its upcoming shareholder assembly in June.
Bathtub & Physique Works retailer entrance in mall: Retailer recognized for promoting physique merchandise. (Roberto Machado Noa/LightRocket by way of Getty Pictures / Getty Pictures)
Along with Nike, his earlier skilled expertise contains management roles at Burberry and BBC Worldwide, the corporate stated.
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Bathtub & Physique 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 management comes as the corporate grapples with unsure discretionary spending, which prompted it to forecast annual gross sales and revenue largely beneath expectations in February.
Ticker Safety Final Change Change % BBWI BATH & BODY WORKS INC. 33.58 -0.18
-0.53%
The corporate on Monday additionally introduced preliminary first-quarter outcomes and stated it could preserve its full-year web gross sales and revenue forecast.
For the 12 months, Bathtub & Physique Works nonetheless anticipates it can see 1-3% development in its web gross sales. Its annual earnings per diluted share are anticipated to be within the $3.25 to $3.60 vary.
A Bathtub & Physique Works retailer on the Dadeland Mall in Miami, Florida, on Nov. 14, 2023. (Eva Marie Uzcategui/Bloomberg by way of Getty Pictures / Getty Pictures)
The corporate preliminary stated it generated $1.42 billion in first-quarter web gross sales, marking a year-over-year soar of three%.
Its official first-quarter monetary outcomes are slated to come back out later within the month.
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The corporate’s retail footprint spanned practically 1,900 company-operated places within the U.S. and Canada, plus over 500 franchised shops in different international locations initially of February.
Bathtub & Physique works was value $7.19 billion on a market capitalization foundation as of Monday afternoon.
Reuters contributed to this report.
