Christopher & Banks Names Barenbaum President, CEO
Minneapolis-based Christopher & Banks Corporation announced on Monday that Larry Barenbaum has been named president and CEO.
Barenbaum has served as interim CEO of the company since October 19, when Lorna Nagler stepped down to “pursue other interests.”
Barenbaum-who has served on the company's board since 1992 and acted as chairman since 2005-has more than 25 years of experience in the retail industry and currently serves as a director of Minnetonka-based Lakes Entertainment, Inc.
The newly appointed CEO said in a news release that heading the company on an interim basis has provided a “deeper understanding” of the business and its management team, and he and that team have already “begun to execute on several key initiatives.”
“The board is very pleased with [Barenbaum's] initial accomplishments as interim CEO over the past three months, providing a clear direction for our company and energizing our associates,” Anne Jones, Christopher & Banks' lead director, said in a statement. “On behalf of the board and our shareholders, we are confident in Larry's ability to move the company forward.”
The company also elected James Fuld, Jr., as the new chair of its board.
Former CEO Nagler joined Christopher & Banks in August 2007. The company didn't disclose her reasons for leaving, but it has struggled in recent years as a result of tightened consumer spending. During the most recent fiscal year, which ended in February, Christopher & Banks posted a $158,000 loss on revenue of $455.4 million, and the company's stock has slowly declined in value during the past few years.
Christopher & Banks, a women's clothing retailer, operates 788 stores in 46 states.