Photo: Jennyyym via Flickr
Urban Outfitters is selling off sharply after the company said its CEO Glen Senk would step down.From the press release:
Urban Outfitters, Inc. a leading lifestyle specialty retail company operating under the Anthropologie, Free People, BHLDN, Terrain and Urban Outfitters brands, today announced that Glen T. Senk resigned as Chief Executive Officer on January 9, 2012. Mr. Senk will be succeeded by Richard A. Hayne, Chairman of the Board and President, effective immediately. Mr. Senk, 55, joined the Company in 1994 as President of Anthropologie, became a director in 2004 and Chief Executive Officer in 2007. Mr. Senk indicated that he plans to pursue another opportunity, but that he will remain with the Company for a period of time to assist management with the transition. He has also resigned from the Board of Directors.
“Glen joined the company nearly 18 years ago when the Anthropologie business was a single-store prototype. We are forever grateful for his passion, creativity and leadership in building the Anthropologie brand to what it is today. We are also thankful for his countless contributions having served as the URBN CEO since 2007,” said Mr. Hayne. “We wish Glen all the best in his future endeavours.”