David Stern, executive vice president and chief financial officer of US retailer Destination Maternity, has stepped down after just over two years in the role.
A formal search is now underway for Stern’s replacement.
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In a statement today (15 August), Destination Maternity CEO Marla Ryan said: “We are confident in the abilities and talents of our finance and accounting teams and our experienced chief accounting officer, Rodney Schriver. They will continue to ensure continuity of our operations and financial reporting until we have identified a candidate to succeed Mr Stern as our chief financial officer.”
In its recent first-quarter, the company swung to a net income of US$0.2m, compared to a net loss of $1.1m a year earlier. Net sales, meanwhile, fell 3% to $103.2m in the three months to 5 May. Ryan said that while encouraged by the firm’s progress, there is more work to be done to unlock the company’s full potential and improve its overall operating performance.
