Dennis Pence, co-founder of Sandpoint women’s clothes retailer Coldwater Creek Inc., has stepped back in as CEO and president, replacing David Griesemer.
The company said Monday that Pence, co-founder of Coldwater Creek with his wife Ann Pence, will resume his CEO role for the third time. He was the first CEO, from 1984 through December 2000. In September 2002, he again became CEO, until his retirement in October 2007. Griesemer, who was the company’s president and chief operating officer, replaced Pence at that time.
The company did not list a specific reason for replacing Griesemer.
Like many clothes retailer, Coldwater Creek struggled the past 12 months as a sluggish economy slowed sales dramatically. It has said it expects a stronger fourth quarter.
In a press release Monday, Pence said, “The board has asked me to return as our leader in order to accelerate the timelines for this (anticipated) growth and for a return to long-term profitability.”
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.