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Talbots Takes 24/7 Wall St. Advice, Sacks CEO
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Last week, 24/7 Wall St. made the case that The Talbots (NYSE: TLB) fire its CEO Trudy F. Sullivan. Today, the company pushed her out and said it would start a CEO search.
The Talbots announced that
Ms. Sullivan, who intends to retire once a successor has been identified, has agreed to continue to serve as President, Chief Executive Officer and a member of the Board of Directors of Talbots in the interim to ensure a smooth transition
The Talbots has been a perpetual money loser and same-store sales have fallen throughout most of the last two years. The firm’s share price is off 80% since Sullivan joined.
Sullivan has been in her jobs for four years — and four holiday seasons. There is powerful proof that she has done nothing to improve the company’s prospects. As a matter of fact, they are getting worse.
Douglas A. McIntyre
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