Reitmans names first non-family member CEO
Canadian fashion retailer Reitmans announced on Tuesday the appointment of Andrea Limbardi as president and chief executive officer, marking the company's first non-family member CEO.
In this role, effective September 5, Limbardi will replace Stephen Reitman, who will assume the position of executive chairman of the board, while Daniel Rabinowicz will take on the position of vice-chair and lead independent director.
"I'm thrilled to have Andrea joining RCL as the company's first non-family member CEO. For 97 years, a member of the Reitman family has been at the helm of RCL, and it is with great pride and confidence that we turn the reins over to a skilled and brilliant executive,” said Reitman.
“I know that Andrea's extensive experience in retail, coupled with her strategic business acumen and strong leadership abilities will bring her and the company much success.”
Limbardi has over 20 years of experience in operations, customer service, merchandising, marketing and e-commerce. She joins the company following a strong fiscal 2023 and is expected to use her strategic approach to innovation, digital-first mindset, and understanding of consumer behavior to effectively lead the brand.
Limbardi said: "I am honoured and excited to be joining RCL. I am thankful to Stephen and the entire Board for their confidence, and I look forward to their partnership to continue to grow this iconic Canadian retailer. I am also excited to work with and meet the incredible teams at RCL's three banners: Reitmans, Penningtons, and Rw&Co."
Reitmans saw net sales increase in fiscal 2023 by $138.6 million, or 20.9%, to $800.6 million, due to continued strength in the company's merchandising assortment, coupled with strong customer traffic, higher average transaction value and less markdowns and promotional discounting. It currently operates 406 stores consisting of 235 Reitmans, 91 Penningtons and 80 Rw&Co.
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