This morning, Talbots, Inc. (NYSE: TLB) announced that its board had formally begun the process of finding a successor to replace current CEO Trudy Sullivan. According to the company, Sullivan will remain CEO in the interim and intends to retire once a successor has been identified.
This will be the second change in the CEO position since 2007. In Aug-07, Arnold Zetcher (CEO since 1988) retired from the company and was succeeded by Sullivan. Zetcher was not the only long-time executive to resign in recent history. Edward Larsen, who had served as CFO since 1991, retired as CFO and Principal Accounting Officer in Jan-09. He was replaced by Michael Scarpa, who had been COO since Dec-08.
The board shows similar instability as there have been 5 director departures and 3 chairmen since 2008. Subsequent to his departure as CEO, Zetcher retired as Chairman in Mar-08. Tsutomu Kajita assumed the role of Chairman in Jul-08. His tenure was relatively short lived, however, as he stepped down from the position one year later in Jul-09. Gary Pfeiffer has been Chairman since.
Here is TLB's press release.