Guess Shares Fall on News of President’s DepartureTuesday, March 12, 2013
Shares of L.A. jeans company Guess Inc. fell Tuesday after news that Nancy Shachtman, the retailer’s president of North America, has left the company.
Analyst David Glick of Buckingham Research Group in New York wrote in a note to investors that the news of her departure is not a “good sign,” especially given that two other senior executives left last year.
In November, the company announced that J. Michael Prince, chief operating officer, and Dennis Secor, finance chief and senior vice president, left to pursue other interests.
Shachtman was first named president of North America in March 2011.
As a result of all these departures, Glick predicted investors will see disappointing fourth quarter results and 2013 guidance.
The company has not yet issued an official statement on the matter, nor filed paperwork with the Securities and Exchange Commission.
Shares fell more than 4 percent to close at $27.39 on the NYSE.