Doug Howe, DSW
President, to Succeed Roger Rawlins as CEO of Designer Brands Inc.
Effective April 1,
2023
Rawlins to Serve as Strategic Advisor through
March 2024
COLUMBUS, Ohio, Jan. 5, 2023
/CNW/ -- Designer Brands Inc. (NYSE: DBI) (the "Company" or
"Designer Brands"), one of the world's largest designers, producers
and retailers of footwear and accessories, today announced a
planned CEO transition process. The Company's Board of Directors
(the "Board of Directors" or the "Board") has appointed
Doug Howe, President of DSW, to
succeed Roger Rawlins as the
Company's Chief Executive Officer, effective April 1, 2023, at which time Rawlins will step
down as Chief Executive Officer and as a member of the Board of
Directors. Rawlins will continue to work with the Company for a
twelve-month period in a Strategic Advisor role to facilitate a
seamless leadership transition. This transition is the direct
result of the Board of Directors' long-term succession planning
with respect to the CEO role.
"On behalf of the Board of Directors, I want to thank Roger for
his leadership and unparalleled commitment to Designer Brands over
the past 17 years," said Jay
Schottenstein, Executive Chairman of Designer Brands' Board
of Directors. "Roger has been at the forefront of Designer Brands'
transformation from a shoe retailer to a brand builder. From
launching DSW.com, which now accounts for over $1 billion in demand, to leading the acquisition
of our Canadian operations and integrating a world-class design,
sourcing and wholesale business, Roger has been instrumental in
leading Designer Brands and has set us up for success in achieving
our long-range plan. As a result of a comprehensive succession
plan, we are pleased to appoint Doug, a strategic thinker with
demonstrated history of driving results in the industry, to CEO.
His experience across brand building, including merchandising,
marketing, design, development, and planning give him the expertise
needed to lead this next phase of Designer Brand's growth. The
Board is looking forward to continuing this brand building journey
with Doug's leadership, and we are very excited for this next
chapter."
"I am honored to lead such a visionary team at Designer Brands,
and I greatly appreciate the support of Roger, the executive
leadership team and the Board," said Doug
Howe. "I am focused on continuing to execute on the
long-range plan the team laid out at our 2022 Investor Day to
double the sales of our Owned Brands and maintain the sales of our
National Brands, all while delivering with incredible speed and
quality. I look forward to continuing to work with the leadership
team, the Board, and our associates to further our strategy and
grow even stronger as an organization."
Howe has more than 30 years of experience in the retail industry
with deep experience in vertical brand and direct-to-consumer
growth and currently serves as President of DSW and Executive Vice
President of Designer Brands. Doug also has extensive background
working across digital retail channels, department stores, and mass
retailers. Howe joined the Company in May
2022, after four years as Chief Merchandising Officer at
Kohl's, where he was responsible for buying, planning, product
design and development, sourcing, and merchandising transformation
efforts. Prior to Kohl's, he was the Global Chief Merchandising
Officer at Qurate Retail Group, leading QVC's and HSN's
product leadership agenda by identifying emerging trends and white
spaces for growth, building brands through their discovery,
introduction and cultivation, developing category strategies, and
attracting top vendors. Doug also held leadership roles at Gap Inc.
including product design and development of vertical brands,
various merchandise leadership roles at Walmart, including SVP of
Product Development, Strategy, Design and Development, and several
senior merchandising positions at May Department Stores.
With Doug and Roger's assistance, management will conduct a
comprehensive search to identify the next President of DSW.
"I want to thank Jay and Joey
Schottenstein and our Board of Directors for the opportunity
provided to me to lead this outstanding organization. It has been a
privilege to lead Designer Brands on its journey to becoming a
brand builder, and I am confident in Doug's experience, leadership
and commitment to continue that path," said Roger Rawlins. "After 17 years with this
organization and seven years as CEO, I am proud of the company we
have built, pleased with our accomplishments, and humbled by the
fantastic team with whom I've had the honor of working."
Reiterating Fiscal 2022 Financial
Outlook
Also on January 5, 2023, the
Company reiterated its fiscal 2022 financial guidance that was
provided in connection with the third quarter 2022 financial
results for the full 2022 fiscal year:
Metric
|
|
Current
Guidance
|
Designer Brands
Comparable Sales Growth
|
|
Mid-single
digits
|
Diluted EPS
|
|
$1.75 -
$1.80
|
About Designer Brands
Designer Brands is one of the world's largest designers,
producers and retailers of the most recognizable footwear brands
and accessories, transforming and defining the footwear industry by
inspiring self-expression across every facet of its enterprise.
Through its portfolio of world-class owned brands, led by the
industry-setting Vince Camuto brand, Designer Brands delivers
on-trend footwear and accessories through its robust
direct-to-consumer omni-channel infrastructure, featuring a
billion-dollar digital commerce business and nearly 650 stores
across the U.S. and Canada. Its
retailing operations under the DSW Designer Shoe Warehouse and The
Shoe Company banners deliver current, in-line footwear and
accessories from most of the largest national brands in the
industry and hold leading market share positions in key product
categories across Women's, Men's and Kid's in the U.S. and
Canada. Designer Brands also
distributes its owned brands through select wholesale relationships
while leveraging its design and sourcing expertise to build private
label product for national retailers. Designer Brands is also
committed to being a difference maker in the world, taking steps
forward to advance diversity, equity, and inclusion in the footwear
industry and supporting our global community and the health of our
planet through donating more than six million pairs of shoes to the
global non-profit Soles4Souls. More information can be found at
www.designerbrands.com.
Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995
Certain statements in this press release may constitute
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by the use of
forward-looking words such as "outlook," "could," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"would," "seeks," "approximately," "predicts," "intends," "plans,"
"estimates," "anticipates," or the negative version of those words
or other comparable words. These statements include, without
limitation, statements regarding leadership changes and the
proposed benefits thereof, the objectives and plans of management,
the execution of and benefits relating to the Company's long-range
plan and strategy, and the Company's financial forecasts. Such
statements are based on the Company's current views and
expectations and involve known and unknown risks, uncertainties,
and other factors that may cause actual results, performance, or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements. These factors include, but are not
limited to: risks and uncertainties related to the ongoing
coronavirus ("COVID-19") pandemic, any future COVID-19 resurgence,
and any other adverse public health developments; risks that recent
inflationary pressures, including higher freight costs, could have
on our results of operations and customer demand based on pricing
actions and operating measures taken to mitigate the impact of
inflation; uncertain general economic conditions, including
inflation and supply chain pressures, domestic and global political
and social conditions and the potential impact of geopolitical
turmoil or conflict, and the related impacts to consumer
discretionary spending; our ability to execute on our long-term
strategic plans; our ability to anticipate and respond to fashion
trends, consumer preferences, and changing customer expectations;
our ability to maintain strong relationships with our vendors,
manufacturers, licensors, and retailer customers; risks related to
losses or disruptions associated with our distribution systems,
including our distribution centers and fulfillment center and
stores, whether as a result of the COVID-19 pandemic, reliance on
third-party providers, or otherwise; our reliance on our loyalty
programs and marketing to drive traffic, sales, and customer
loyalty; risks related to cyber security threats and privacy or
data security breaches or the potential loss or disruption of our
information systems; our ability to protect our reputation and to
maintain the brands we license; our competitiveness with respect to
style, price, brand availability, and customer service; risks
related to our international operations, including international
trade, our reliance on foreign sources for merchandise, exposure to
political, economic, operational, and compliance and other risks,
and fluctuations in foreign currency exchange rates; our ability to
comply with privacy laws and regulations, as well as other legal
obligations; risks associated with climate change and other
corporate responsibility issues; and uncertainties related to
future legislation, regulatory reform, policy changes, or
interpretive guidance on existing legislation. Risks and other
factors that could cause our actual results to differ materially
from our forward-looking statements are described in the Company's
Annual Report on Form 10-K for the fiscal year ended January 29, 2022 and in our other filings with
the Securities and Exchange Commission. All forward-looking
statements speak only as of the time when made. Except as may be
required by law, the Company undertakes no obligation to update or
revise the forward-looking statements included in this press
release to reflect any future events or circumstances.
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SOURCE Designer Brands Inc.