Andre Reich, CEO at The Reject Shop, has stepped down effective immediately.
The company’s CFO Clinton Cahn has been appointed acting CEO in the interim while the company searches for a permanent appointee and Amy Eshuys will take on the role of COO effective today.
In a statement to the ASX, company secretary Michael Freier said Reich had decided that now was “an appropriate time for him to leave the company to pursue other opportunities”. He left the role yesterday having determined the “fix phase” of his strategy to turn the business around was complete.
Reich will receive a payment from the company in lieu of serving the six months notice period included in his contract. “Any performance rights held by Andre have lapsed.”
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Reich has led the company since January 2020, and “inherited a business that required significant turnaround” said Freier’s statement.
“Over the past two years, Andre has led the company through the ‘fix’ phase of the turnaround while navigating the uncertainty and volatility associated with COVID-19. Under Andre’s leadership, The Reject Shop’s corporate culture has been reset, the business has returned to profitability with a lower cost base, the balance sheet is strong and the store network continues to expand. These achievements will underpin the growth of the company into the future.”
Chairman Steven Fisher said “everyone at The Reject Shop wishes Andre well in his future endeavours”.
“We have commenced an external search to identify an experienced executive to lead the company through the next phases of the turnaround strategy.”
Fisher described Eshuys as an experienced retail professional with international merchandise experience and deep knowledge of discount variety retail. She has worked for nine years in Australia and close to seven in the US, with her most recent role as VP and general merchandise manager for buying, merchandising and sourcing at New Jersey-based discount chain CTS — formerly known as Christmas Tree Shops. CTS has 80 stores combining everyday low prices and seasonal merchandise.
“Amy’s merchandise experience and international perspective will bring new insights to further assist and accelerate The Reject Shop’s turnaround,” said Fisher.
This article was first published by Inside Retail.