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• Federica Marchionni has been "forced out as chief executive of Lands’ End Inc., capping a tumultuous 19 months on the job in which she tried to fashion broad changes at the catalog retailer that roiled employees and turned off shoppers," the Wall Street Journal reports. Marchionni, a former Ferrari and Dolce & Gabbana executive who tried to make Lands' End more style-focused but in doing so seemed to reinforce the notion that she was disconnected from the company's core values, reportedly will get an exit package of $1.9 million.

The story notes that " the company posted a loss of $7.7 million for the six months ended July 29, compared with a profit of $9.2 million a year ago. Sales fell 7.6% to $565 million over that period."

Marchionni will be replaced by COO James Gooch and Joseph Boitano, chief merchandising and design officer, who will serve as co-interim CEOs until a permanent successor is found; she was the second CEO the company has had since it was spun off from Sears.
KC's View:
A CEO friend of mine said that he believes that "cultural fit is ultimately as important as a strong strategic vision and flawless execution when embarking on a serious business transformation with a new leader." And I totally agree with that.