Vera Bradley, Inc. (Nasdaq: VRA) (the “Company”) today announced
that Jacqueline Ardrey will join the Company as President and Chief
Executive Officer (“CEO”) effective November 1, 2022, replacing
retiring President and CEO Robert Wallstrom. Wallstrom will work
closely with Ardrey through December 2022 to ensure a smooth
transition. Ardrey will also join the Company’s Board of Directors
on November 1, 2022.
Ardrey is an accomplished, results-oriented leader with over 25
years of experience in multi-channel retail enterprises. Since
2018, she has held the post of President at home furnishings and
seasonal décor catalog retailer Grandin Road, part of the Qurate
Retail Group. Previously, Ardrey was CEO of Trading Company
Holdings and Senior Vice President of Merchandising and Supply
Chain for iconic omnichannel gourmet food and gifting brand Harry
and David. Prior to that, she spent 14 years at multi-channel
high-end children’s retailer Hanna Andersson in various roles of
increasing responsibility, including Senior Vice President of
Merchandising, Design, and Wholesale. Ardrey began her retail
career with the May Company.
Robert Hall, Chairman of the Vera Bradley, Inc. Board of
Directors, noted, “Jackie Ardrey is a highly accomplished retail
executive who is a strategic leader, a talent builder, and an
innovative thinker with a strong record of operational excellence.
On behalf of the entire Board, I am thrilled to welcome her to the
Company. We are confident Jackie will be instrumental in developing
the full potential of our two lifestyle brands, Vera Bradley and
Pura Vida, and delivering consistent, sustainable growth and value
to our stakeholders over the long term.”
“I have long admired Vera Bradley, Inc. and believe both the
Vera Bradley and Pura Vida brands have untapped potential in the
marketplace,” Ardrey commented. “I look forward to working closely
with the talented leadership team and the Board to build upon the
Company’s heritage, leverage its many opportunities, and drive
long-term, profitable growth.”
Hall continued, “On behalf of the Board, I want to thank Rob
Wallstrom for his leadership, creativity, vision, and tireless work
to evolve the Company and position it for growth. I am proud to
have partnered with Rob over the last nine years, and we are
grateful for his principled and collaborative leadership.”
Wallstrom has led Vera Bradley, Inc. as President and Chief
Executive Officer since 2013, executing the Company’s business
transformation while also championing corporate social
responsibility; associate engagement; diversity, equity and
inclusion; and philanthropy initiatives. Wallstrom oversaw the
expansion of the Company’s portfolio in 2019 with the acquisition
of lifestyle brand Pura Vida, which achieved B Corp Certification
in 2022. Under Wallstrom’s leadership, in 2022, Vera Bradley, Inc.
was named America’s #1 Best Midsize Employer and #11 Best Employer
for Diversity by Forbes and Statista.
“It has been my great honor to serve as President and CEO of the
Company over the last nine years, and it has been an incredible
privilege to work with our highly talented, creative, and dedicated
team of associates,” noted Wallstrom. “We have driven innovation
across both of our brands, built strong engagement with our
associates and customers, and enhanced our purpose-driven mission.
I am excited about the future of Vera Bradley, Inc. and confident
the Company will thrive under Jackie’s
leadership.”
Wallstrom has submitted his resignation from the Company’s Board
of Directors effective November 1, 2022, in conjunction with Ardrey
joining the Company and her election to the Board of Directors
effective that same date.
About Vera Bradley, Inc.
Vera Bradley, Inc. operates two unique lifestyle brands – Vera
Bradley and Pura Vida. Vera Bradley and Pura Vida are complementary
businesses, both with devoted, emotionally-connected, and
multi-generational female customer bases; alignment as casual,
comfortable, affordable, and fun brands; positioning as “gifting”
and socially-connected brands; strong, entrepreneurial cultures; a
keen focus on community, charity, and social consciousness;
multi-channel distribution strategies; and talented leadership
teams aligned and committed to the long-term success of their
brands.
Vera Bradley, based in Fort Wayne, Indiana, is a leading
designer of women’s handbags, luggage and other travel items,
fashion and home accessories, and unique gifts. Founded in
1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller,
the brand is known for its innovative designs, iconic patterns, and
brilliant colors that inspire and connect women unlike any other
brand in the global marketplace.
In July 2019, Vera Bradley, Inc. acquired a 75% interest in
Creative Genius, Inc., which also operates under the name Pura Vida
Bracelets (“Pura Vida”). Pura Vida, based in La Jolla, California,
is a digitally native, highly-engaging lifestyle brand founded in
2010 by friends Paul Goodman and Griffin Thall. Pura Vida has a
differentiated and expanding offering of bracelets, jewelry, and
other lifestyle accessories.
Vera Bradley Safe Harbor Statement
Certain statements in this release are "forward-looking
statements" made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and are subject to
various risks and uncertainties that may cause actual results to
differ materially from those that we expected, including: possible
adverse changes in general economic conditions and their impact on
consumer confidence and spending; possible inability to predict and
respond in a timely manner to changes in consumer demand; possible
loss of key management or design associates or inability to attract
and retain the talent required for our business; possible inability
to maintain and enhance our brands; possible inability to
successfully implement the Company’s long-term strategic plan;
possible inability to successfully open new stores, close targeted
stores, and/or operate current stores as planned; incremental
tariffs or adverse changes in the cost of raw materials and labor
used to manufacture our products; possible adverse effects
resulting from a significant disruption in our distribution
facilities; or business disruption caused by COVID-19 or other
pandemics. Risks, uncertainties, and assumptions also include the
possibility that Pura Vida acquisition benefits may not materialize
as expected and that Pura Vida’s business may not perform as
expected. More information on potential factors that could affect
the Company’s financial results is included from time to time in
the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company’s public reports filed with the SEC, including the
Company’s Form 10-K for the fiscal year ended January 29, 2022. We
undertake no obligation to publicly update or revise any
forward-looking statement.
CONTACTS:Investors:Julia Bentley, VP of Investor Relations and
Communicationsjbentley@verabradley.com (260) 207-5116
Media:
mediacontact@verabradley.com877-708-VERA (8372)
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