Express Inc.’s CFO Departs on November 17

Express Inc. has disclosed that Chief Financial Officer and Treasurer Jason Judd will depart from the company on November 17, as reported in a filing with the Securities and Exchange Commission.

Judd, who joined from Big Lots just last year, is leaving to pursue another opportunity, according to the filing. Express Inc. operates the namesake brand Express, as well as Bonobos and Upwest.

Mark Still, currently the Senior Vice President of Brand Finance and Planning and Allocation, will assume the roles of interim CFO and Treasurer. He will report directly to the recently appointed CEO, Stewart Glendinning.

Express Inc. has faced challenges in adapting to significant shifts in consumer preferences and has encountered severe financial difficulties. The company has struggled to address changes in how Americans dress, leading to a decline in financial performance.

Earlier this year, Express Inc. faced the risk of delisting when its stock price fell below $1 for an extended period. In response, the company executed a reverse stock split in August and announced the elimination of 150 jobs. In the most recent quarter, net sales declined by 6.4% YoY to $435.3 million, comparable sales fell by 13%, inventory rose by 20%, and gross margin contracted by about 1,000 basis points to 23.1%.

Express Inc. has engaged advisers to review its business model and aims to achieve $200 million in annualized savings by 2025. Stewart Glendinning, who took over as CEO in September, replaced longtime Chief Executive Officer Tim Baxter.

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