Glen Senk has stepped down as the chief executive officer of Urban Outfitters, with many speculating he’s accepted a job at another company.
For the time being, Senk will be replaced by Urban’s founder and president, Richard Hayne, though Senk will stay on as a consultant for an unknown period of time.
One analyst reveals:
“Glen’s departure has been the buzz of the conference. Word is, he resigned to go to a small company that’s based in New York.”
While another retail strategist adds:
“It sort of comes out of nowhere. It’s a very competitive space right now. You have the rollout of Forever 21, Uniqlo, H&M. You have a lot of excess capacity, arguably, in the teen apparel space and how companies deal with that is obviously one of the big challenges out there.”
We'll have to wait and see if his departure affects the business in a negative way. Hopefully it doesn't.
[Image via AP Images.]