NASHVILLE, Tenn., Nov. 2, 2020 /PRNewswire/ -- Genesco Inc. (NYSE:
GCO) today announced that Melvin G.
Tucker, senior vice president and chief financial officer,
has resigned his position, effective November 27, 2020, in order to pursue an
opportunity outside of the Company, and will assist in ensuring a
smooth transition.
Genesco has commenced an executive search for a new chief
financial officer. In the interim, Mimi E.
Vaughn, board chair, president and chief executive officer,
who previously served as chief financial officer, will assume the
responsibilities of the position of chief financial officer.
In addition, she will draw on a deep bench of company experience
and will oversee a newly established Office of the CFO to provide
additional leadership, which will be co-led by Brently G. Baxter, vice president and chief
accounting officer, Matthew N.
Johnson, vice president and treasurer, and Dave Slater, vice president of financial
planning & analysis and investor relations. Baxter,
Johnson and Slater have multiple decades of experience at Genesco
or in the retail industry.
Vaughn said, "On behalf of the board and executive team, I want
to thank Mel for his hard work and contributions to Genesco. We
wish Mel all the best in his future endeavors. Our strong team will
continue to navigate current pandemic challenges and position
Genesco to take advantage of the many opportunities on the other
side."
Tucker added, "I am grateful for my time at Genesco and for the
opportunity to work with such an incredible team of leaders. I
continue to believe in the strength of the Genesco business and
wish the team all the best and future success."
The Company also reported that Tucker's departure is not related
to the Company's operations, financial reporting or controls.
Safe Harbor Statement
This release contains
forward-looking statements, including those regarding the
performance outlook for the Company and all other statements not
addressing solely historical facts or present conditions. Actual
results could vary materially from the expectations reflected in
these statements. A number of factors could cause
differences. These include adjustments to projections
reflected in forward-looking statements, including as a result of
the effects of COVID-19 on the Company's business including whether
there are periods of increases in the number of COVID-19
cases in locations in which the Company operates, further closures
of stores due to COVID-19, weakness in store and shopping mall
traffic, restrictions on operations imposed by government entities
and landlords, changes in public safety and health requirements,
the Company's ability to adequately staff stores, limitations on
the Company's ability to provide adequate personal protective
equipment to employees, and the Company's ability to maintain
social distancing requirements; stores closures and effects on the
business as a result of civil disturbances; the level and timing of
promotional activity necessary to maintain inventories at
appropriate levels; the imposition of tariffs on products imported
by the Company or its vendors as well as the ability and costs to
move production of products in response to tariffs; the Company's
ability to obtain from suppliers products that are in-demand on a
timely basis and effectively manage disruptions in product supply
or distribution, including disruptions as a result of COVID-19;
unfavorable trends in fuel costs, foreign exchange rates, foreign
labor and material costs, and other factors affecting the cost of
products; the effects of the British decision to exit the European
Union and other sources of weakness in the U.K. market; the
effectiveness of the Company's omnichannel initiatives; costs
associated with changes in minimum wage and overtime requirements;
wage pressure in the U.S. and the U.K.; weakness in the consumer
economy and retail industry; competition and fashion trends in the
Company's markets; risks related to the potential for terrorist
events; risks related to public health and safety events, including
for example, the COVID-19 coronavirus; changes in buying patterns
by significant wholesale customers; retained liabilities
associated with divestitures of businesses including potential
liabilities under leases as the prior tenant or as a guarantor of
certain leases; and changes in the timing of holidays or in the
onset of seasonal weather affecting period-to-period sales
comparisons. Additional factors that could cause differences from
expectations include the ability to renew leases in existing stores
and control or lower occupancy costs, and to conduct required
remodeling or refurbishment on schedule and at expected expense
levels; the Company's ability to eliminate stranded costs
associated with dispositions, including the sale of the Lids Sport
Group business; the Company's ability to realize anticipated cost
savings, including rent savings; deterioration in the performance
of individual businesses or of the Company's market value relative
to its book value, resulting in impairments of fixed assets,
operating lease right of use assets or intangible assets or other
adverse financial consequences and the timing and amount of such
impairments or other consequences; unexpected changes to the market
for the Company's shares or for the retail sector in general; costs
and reputational harm as a result of disruptions in the Company's
business or information technology systems either by security
breaches and incidents or by potential problems associated with the
implementation of new or upgraded systems; and the cost and outcome
of litigation, investigations and environmental matters involving
the Company. Additional factors are cited in the "Risk Factors,"
"Legal Proceedings" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of, and
elsewhere in, the Company's SEC filings, copies of which may be
obtained from the SEC website, www.sec.gov, or by contacting the
investor relations department of Genesco via the Company's website,
www.genesco.com. Many of the factors that will determine the
outcome of the subject matter of this release are beyond Genesco's
ability to control or predict. Genesco undertakes no obligation to
release publicly the results of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Forward-looking statements reflect the
expectations of the Company at the time they are made. The Company
disclaims any obligation to update such statements.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells
footwear and accessories in more than 1,475 retail stores
throughout the U.S., Canada, the
United Kingdom and the
Republic of Ireland, principally
under the names Journeys, Journeys Kidz, Schuh, Schuh Kids, Little
Burgundy, Johnston & Murphy, and on internet websites
www.journeys.com, www.journeyskidz.com, www.journeys.ca,
www.littleburgundyshoes.com, www.schuh.co.uk,
www.johnstonmurphy.com, www.johnstonmurphy.ca, and
www.dockersshoes.com. In addition, Genesco sells wholesale
footwear under its Johnston & Murphy brand, the licensed
Dockers brand, the licensed Levi's brand, the licensed Bass brand,
and other brands. For more information on Genesco and its operating
divisions, please visit www.genesco.com.
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SOURCE Genesco Inc.