Pence replaces Griesemer as Coldwater Creek CEO
Coldwater Creek has appointed Dennis Pence, most recently co-founder and chairman of the company, its president and CEO. He replaced Daniel Griesemer, who resigned as director, president and CEO. The retailer announced the selection on September 14, noting it was effective immediately.
The appointment is Pence's third stint as CEO. After co-founding Coldwater Creek in 1984, he served as CEO until December 2000. He also worked in that capacity from September 2002 to October 2007.
Coldwater Creek declined comment other than its statement. Pence said in the statement that he was named CEO to bring the company a “return to long-term profitability.”
The retailer reported a second-quarter revenue drop last month of 7% from the year prior.
In March, Coldwater Creek cut its advertising budget and catalog circulation, responding to falling sales. In January, it cut 65 corporate positions.