David Dyer will retire as president and chief executive officer of Chico’s FAS Inc. at the end of the current fiscal year.
Dyer, 65, who has held the post since 2009, will remain ceo until the appointment of his successor and then remain with the firm as vice chairman and a director before stepping down from those roles in June 2016.
“From the moment he took the reins in early 2009, he led significant and positive changes on all fronts — merchandise, marketing and technology — while also accelerating our push into omnichannel and laying the groundwork for global expansion,” said Ross Roeder, non-executive chairman.
Dyer’s departure will mark his second retirement episode, the first coming after he left Tommy Hilfiger Corp. in 2006 following three years as president and ceo. He joined Chico’s as a director the following year.
Between 1998 and 2002, he was president and ceo of Lands’ End, acquired by Sears in 2002.
Beginning his career in South Florida within Federated Department Stores’ Burdines organization, he later was president and chief operating officer of Home Shopping Network and acting president of J. Crew’s catalogue operation.
The company noted that during Dyer’s tenure, the company has added more than $1 billion in sales and “improved profitability from a loss in 2008 to the profitable, financially sound company it is today, and returned more than $1 billion to shareholders through dividends and share repurchases.”
Chico’s acquired Boston Proper for $205 million in 2011. Prior to Dyer’s arrival, it bought White House|Black Market for $90 million in cash and stock in 2003. In addition to the Chico’s brand, it also does business under the Soma Intimates nameplate.
In February, the Fort Myers, Fla.-based company disclosed plans to cut 240 headquarter and field management posts and close 120 stores as it seeks to boost investments in initiatives such as omnichannel. Last year, net income dropped 1.9 percent, to $64.6 million, while revenues rose 3.4 percent to $2.68 billion.
With unusual candor for a retail ceo having concluded a difficult holiday season, Dyer said at the time, “Everybody has been so damn promotional, including us, that I think that [the customer] doesn’t really even know what the right price is anymore.”
Herbert Mines Associates has been retained to conduct the search for Dyer’s successor.