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FORT WAYNE, Ind. - Vera Bradley, Inc. (NASDAQ:VRA) announced today that Chief Executive Officer Jackie Ardrey is leaving the company, with her departure scheduled for the end of July. The board has initiated a national search for her replacement. The announcement comes as the company’s stock has declined nearly 70% over the past year, according to InvestingPro data.
Ian Bickley will assume the newly created role of Executive Chairman effective July 7, providing leadership during the CEO transition. Current Board Chairman Robert Hall will step down from the chairman position but continue as a director. The leadership transition comes at a critical time, as InvestingPro analysis shows the company faces significant challenges with declining revenues and weak financial health scores.
"Since joining the Board, Ian has demonstrated a strong command of our industry in addition to the challenges of Vera Bradley’s ongoing transformation," Hall said, according to the company’s press release.
The handbag and accessories retailer also announced Martin Layding will become Chief Financial Officer starting June 12, replacing Michael Schwindle who will depart on June 30. Layding previously served as divisional CFO for Tapestry’s Coach brand and held CFO roles at several private equity-backed firms, including Supreme Brand.
Additionally, the company has established a new Strategy and Transformation Committee co-led by Bickley and Director Andrew Meslow, who will also become Lead Independent Director. Meslow previously served as CEO of Bath & Body Works and L Brands.
Ardrey, who joined Vera Bradley in November 2022, launched Project Restoration, a strategic initiative to transform the company’s business model and brand positioning.
The leadership changes come as Vera Bradley continues its transformation efforts. The company also released its first-quarter fiscal 2026 financial results today.
The information in this article is based on a company press release statement.
In other recent news, Vera Bradley Inc. reported disappointing fiscal fourth-quarter 2025 results, with both earnings per share and revenue falling short of analyst expectations. The company posted an EPS of -$0.30, significantly lower than the forecasted $0.055, and revenue of $99.96 million, which was below the anticipated $110.86 million. This performance marked a 25% decrease in revenue compared to the previous year, with the Pura Vida segment experiencing a notable 44% drop. Additionally, Vera Bradley announced the completion of its acquisition of Pura Vida Bracelets, a move aimed at diversifying its product offerings and expanding into new consumer segments. The financial terms of the acquisition were not disclosed. In light of the challenging macroeconomic environment, the company plans to target $20 million in cost savings for fiscal 2026. Vera Bradley also projects consolidated net revenues of approximately $280 million for fiscal 2026, with an expected gross margin of 52.5%. Meanwhile, analysts have not provided recent upgrades or downgrades for the company’s stock.
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