Excerpt from WWD.com – March 20, 2017
Article by Evan Clark (paid subscription required)
“The problems plaguing the industry have more to do with the historic structural sustainability of these organizations than the single individual at the helm, particularly if at the helm there’s been a succession of changes over a short period of time,” said Elaine Hughes, founder and ceo of E.A. Hughes & Co.
“The revolving c-suite [stems] from a lack of conscientious succession planning which should be a disciplined exercise in every company and something the board of directors should demand,” Hughes said.
The corner office departures at Ralph Lauren, Victoria’s Secret, Lands’ End, Stein Mart and Tiffany’s can’t be linked to any one common cause, she said.
“The individuals chosen for these roles who now have been released probably displayed the drive, resilience and thought leadership these boards sought,” Hughes said. “What was lacking was a combination of historic success in a similar model coupled with an inability to sustain as well as improve these businesses in a time of unprecedented change and acceleration.
“As long as the industry retains a myopic view on leadership and organizational development as well as refuses to see that the world is a flat canvas for talent that can be integrated from other industries particularly on the technology side, we will remain not only an industry which will be late to change but may erode because of it,” she said.