Genesco announces departure of CFO
Nashville, Tennessee-based footwear and accessories retailer Genesco Inc. announced on Monday that senior vice president and chief financial officer Melvin G. Tucker has resigned, effective November 27, 2020.
Tucker, who is leaving the company in order to pursue other opportunities, joined Genesco in June 2019, and will continue to support the retailer in the short term so as to ensure a smooth transition.
Prior to joining the company, which owns store chains including Journeys, Schuh and Johnston & Murphy, Tucker served as CFO at Century 21 Department Stores for five years. His previous experience also includes periods spent in top financial positions at Bass Pro Shops, PetSmart, Circuit City and The Home Depot.
In order to find a replacement for Tucker, Genesco has launched an executive search for a new chief financial officer. The company’s board chair, president and CEO, Mimi E. Vaughn, who also previously served as the retailer’s CFO, will take over the responsibilities of the position until a permanent replacement can be found.
She will be supported in these efforts by a newly formed office of the CFO, which will be co-led by VP and chief accounting officer Brently G. Baxter, VP and treasurer Matthew N. Johnson, and Dave Slater, VP of financial planning & analysis and investor relations.
“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,” said Vaughn in a release. “Our strong team will continue to navigate current pandemic challenges and position Genesco to take advantage of the many opportunities on the other side.”
“I am grateful for my time at Genesco and for the opportunity to work with such an incredible team of leaders,” added Tucker. “I continue to believe in the strength of the Genesco business and wish the team all the best and future success.”
In the second quarter ended August 1, 2020, Genesco reported net sales of $391 million, decreasing 20% from the prior-year period, largely due to Covid-19-related store closures. The company’s net loss for the quarter totaled $19 million, down from net income of $577,000 in the previous year’s second quarter.
Genesco currently runs more than 1,475 retail stores in the U.S., Canada, the UK and the Republic of Ireland, principally under the Journeys, Journeys Kids, Schuh, Schuh Kids, Little Burgundy and Johnston & Murphy banners.
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