Headlines

Struggling Retailers Seek “Silver Bullet CEOs”

It’s not just on the sales floor or loading dock – C-suite vacancies are also proving hard to fill

Published

4 years ago

February 16, 2023

Shop! Association

iStock, seb_ra

At the end of December 2022, roughly one million retail jobs were open, the U.S. Bureau of Labor Statistics reported. But an even more critical labor shortage has arisen at the pinnacle of the jobs pyramid, Forbes reports: the lack of CEOs, especially at struggling retailers.

Among the companies with corner-office vacancies to fill are VF, Adidas, Calvin Klein, Puma, Designer Brands, The RealReal, Stitch Fix and Rite Aid, the business publication reports.

Pandemic disruptions and their immediate aftermath have resulted in the current bumper crop of retail CEO vacancies. But major retailers may find a greater need to overhaul their C-suite as future events unfold.

“Boards of challenged retailers are looking for a ‘silver bullet CEO’ who has instant credibility with the Street,” Catherine Lepard, Managing Partner of Global Retail as executive search firm Heidrick and Struggles, told Forbes. “Every company is competing for the rarified CEO with an excellent track record. But that pool is small, and there’s not much incentive for some of these CEOs to leave their high-performing companies to do something messy.”

Click here for the full Forbes report.

Related Topics:c-suite trends report

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Shop! Association

The Shop! Association is a global trade association dedicated to advancing the retail environment and experience industry. Its purpose is to empower members to innovate at retail by connecting them with education, insights, and events that support collaboration and forward-thinking solutions. From ideation through implementation, Shop! engages its diverse membership to co-create innovations that help shape the future of retail worldwide. Central to its mission is fostering an inclusive culture that embraces diverse voices and upholds high standards of ethics and transparency. Since 1956, Shop! has empowered its members to innovate at retail through education, insights and events. Learn more by visiting shopassociation.org. Interested in joining the Shop! Association? Reach out to Dina Meindl, Membership Services, for more information today! dina@shopassociation.org.