Collective Brands, Inc. has announced that its board of directors and Matthew Rubel agreed that Rubel will resign as director, chairman of the board and an officer of the company, effective immediately. Michael J. Massey has been named the interim CEO and D. Scott Olivet has been named the company’s non-executive chairman.
Olivet, a member of the Collective Brands board of directors since 2006, is a 27-year veteran of the apparel, sports and retailing industry, having served as CEO of Oakley, Inc. and in senior positions at Nike, Inc. and The Gap Inc., participating in the growth and development of such iconic brands as Oakley, Converse, Cole Haan, Hurley, Bauer, Gap, Banana Republic and Old Navy.
The Compensation, Nominating and Governance Committee, chaired by Mylle Mangum, has commenced a search for a permanent replacement for Rubel as CEO. Massey has informed the board that he does not wish to be a candidate for the position.
The company has also added the presidents and CEOs of its three business units to its governing Executive Committee, effective immediately. LuAnn Via has been president and CEO of Payless ShoeSource since 2008, with more than 35 years of retailing experience, including senior positions at Charming Shoppes, Inc., Sears Roebuck and Co. and Saks Incorporated. Gregg S. Ribatt, president and CEO of the company’s performance + Lifestyle Group, has been in his position since 2008 and brings extensive footwear experience from his tenure as president and CEO of Stuart Weitzman Holdings and 13 years at Bennett Footwear.
Other members of the governing Executive Committee are Betty J. Click, senior vice president, human resources; Darrel J. Pavelka, executive vice president, supply chain; and Douglas J. Treff, executive vice president and chief administrative officer. The Committee will report to Massey and Olivet.
“On behalf of the Board, I want to thank Matt for his efforts over his six years at the helm of Collective Brands, and the strong and positive role he played in building our businesses,” said Robert C. Wheeler, the company’s lead director. “We look forward to building on that foundation and to a new chief executive officer leading the company toward the growth we see in our future.”
“I am proud of our accomplishments at Collective Brands,” said Rubel. “We have built a talented management team, improved our brand presence at Payless, expanded the company globally and diversified into new consumer segments and channels with great brands like Sperry Top-Sider, Saucony, Keds and Stride Rite. I wish the company and its employees all the best as I pursue a new chapter in my career.”�Rubel will remain available to assist the board, as needed.
Olivet said, “With strong and experienced executives running each of our three operating businesses, excellent functional management and Michael’s leadership, we have full confidence that we can improve our business performance. Our number one priority is to accelerate traffic and sales at Payless U.S. operations by renewing our commitment to our core customer. Our historic positioning as the destination for fashionable footwear and accessories at unbeatable prices is particularly relevant in these tough economic times, and we will be more aggressive with this message to our current loyal customers as well as those consumers who have not shopped with us recently. We will also focus on maintaining the strong momentum of our Performance + Lifestyle Group, our Collective Licensing business, the Payless international business and our growing digital commerce business.”
Massey said, “As I assume the role of interim CEO, one of my key initiatives is to provide LuAnn the resources and focus necessary to significantly advance our progress at Payless. With 480 million customer visits to our 4,400 stores in 2010, we know we have a uniquely powerful connection with our consumer and it is our intent to leverage that relationship to drive sales and profit growth. By rededicating ourselves to price and value leadership, introducing exciting new customer loyalty programs and improving our advertising spend and message to be more relevant and accessible, we are confident we can win back our core customer and drive improvements in traffic and sales. Many of our plans are already being implemented and we will be introducing new merchandising programs in the future. We will also continue to grow the great brands in our Performance + Lifestyle Group at an aggressive pace by expanding the channels of distribution and product lines within our iconic brands.”
“I am especially grateful that I can rely upon Scott and other members of the Board during this interim period. This will enable our team to devote our full efforts to generating increased revenues and profits,” continued Massey.
Massey joined the company in 1996 from The May Department Stores Company, where he served as counsel from 1990 to 1996. He joined Payless ShoeSource, the predecessor company of Collective Brands, when it was spun off from The May Company, serving as the company’s senior counsel in 1996 and its vice president and group counsel for intellectual property in 1998.
Over his 27-year career, Olivet has amassed significant experience in retail, merchandising, marketing, finance, strategy, management and technology. He is chief executive officer of Renegade Brands, LLC, and serves as executive chairman of RED Digital Cinema.�Olivet served as CEO and director of Oakley, Inc. from 2005 to 2009 and as chairman of the board from 2009 to 2011.