Executive musical chairs in high fashion
There has been a significant reshuffling at fashion giant Oroton; with the company signing a deal to bring a prolific US brand to Australia, and the CEO resigning.
Chief executive officer Sally MacDonald has resigned from the luxury goods company OrotonGroup after seven years in the top job. Her resignation comes along with the announcement that the group has signed a 10-year deal to bring iconic American clothing chain Brooks Brothers to Australia.
MacDonald has been one of the country’s highest-profile executives since signing on with Oroton, but a rough 12 months may have signalled it was time for the next move. MacDonald has been replaced by Mark Newman, who comes from running Ralph Lauren, owned by the same company.
The new deal with Brooks Brothers is aimed to repair the damage of a 25 per cent drop in sales for 2012. Oroton will hold 51 per cent of the joint venture with the 195-year-old retail giant Brooks Brothers, which, according to Oroton’s statement, “has the unique distinction of being the clothier to 39 out of 44 US presidents.”
It has been a big re-jig for the company, with major shareholder Ross Lane becoming a non-executive director and long standing director John Schmoll moving into the role of independent non-executive chairman.
Reports say the company will likely make new directional announcements based on the appointments in the next few months.