The Limited Creates Interim Office of the President
National fashion retailer The Limited, a heritage brand for the modern, working woman, announced that its Board of Directors has established an interim Office of the President to manage the day-to-day operations of the business. The interim office will be filled by three current executives, John Buell, Executive Vice President and CFO; Nicolas Frechette, Senior Vice President and General Merchandise Manager; and William Acevedo, Senior Vice President of Stores; who will report to the Board of Directors.
The Limited has launched a nationwide search for a new Chief Executive Officer to succeed Linda Heasley, who joined in 2007 and is stepping down to pursue other interests effective February 15, 2013.
"The Board is very grateful to Linda and the management team for the passion and commitment they have demonstrated at The Limited," said T. Scott King, Chairman of the Board of The Limited. "The Company has made major strides during Linda's tenure, and we wish her the very best in her future endeavors."
Buell, Frechette and Acevedo will partner to provide ongoing leadership and continuity for the business. All three bring deep experience and strong knowledge of The Limited and the retail sector.
John Buell oversees financial matters. Buell joined The Limited in 2003, from Sears, Roebuck and Co., where he was most recently Vice President of Corporate Planning and Analysis. In this role, he managed enterprise-wide planning and an analysis of the company's capital budget, real estate finance and IT budget. He previously held several finance positions during 15 years with the company.
Frechette is in charge of merchandising. Prior to joining The Limited in 2012, Frechette was Vice President of Global Retail Merchandising at BCBG Max Azaria, where he was responsible for global merchandising strategy for all brands, as well as sales goals and profitability for all departments. Previously, Frechette held the positions of Director of Global Merchandising, and Director of Retail.
Acevedo is responsible for managing all company operations. Acevedo came to The Limited in 2011, after serving as Vice President, Outlets at Fossil where he had oversight of a 70-unit business, and guided development of the store experience for a multi-brand concept, on a global basis. Before Fossil, he was Executive Vice President and Chief Stores Officer at Zale Corporation, where he was responsible for all financial, strategic, operating and leadership components for 1,900 retail locations. Prior positions include Vice President, Stores at Banana Republic and Senior Vice President, Regional Director of Stores for Macy's East.
"John, Nicolas and William are dedicated executives who have been instrumental to the development of The Limited," added King. "The Board is confident that the company is well positioned for success, and will continue to make progress against our strategic plan under their leadership during this interim period."
About The Limited
Building on its 50 years of leadership in American shopping centers, The Limited is an iconic fashion retailer that offers high-quality, private-label apparel designed to help our clients succeed. Design-driven, fashionable styles include suiting, sweaters, dresses, denim, outerwear, and accessoriesto suit her lifestyle demands, from workday to weekend. The Limited has 257 mall locations throughout the United States. For more information, please visit: www.thelimited.com. "Like" us on Facebook, or follow us on Twitter @TheLimited and Pinterest.