Vince CEO departs role after two years

Vince Holding Corp announced on Tuesday that Jack Schwefel has resigned from the role of chief executive officer, just two years after the executive took on the top position.

With the shock departure, the New York-based company has appointed David Stefko, current director and former chief financial officer of the company, as interim chief executive officer, effective immediately. The luxury fashion firm said it has initiated a search process to identify a permanent chief executive officer.

Stefko has over 30 years of senior finance and executive management experience, and has been a member of the Vince board since June, after retiring from his role as the company’s chief financial officer which he held from 2015 to 2023. In addition to his tenure as CFO,  Stefko served as the company’s interim chief executive officer from August 2020 to March 2021.

“The board thanks Jack for his work in positioning Vince for its next chapter of growth and wishes him the best as he pursues other opportunities,” said Michael Mardy, chairman of the board of directors.

“We are committed to finding a leader who has the skills and vision to continue to keep Vince on its trajectory to achieve its long-term objectives. Through his experience as CFO and as a member of our board, Dave brings significant understanding of the company and is well-respected across the organization. Having previously served as Interim CEO during a time of prior transition and amidst the volatility of the Covid-19 pandemic, the board is confident in Dave’s ability to lead the organization during this period.”

Coinciding with the news, the company said it remains on track with its profitability objectives for full year 2023. In its most recent trading update in December, Vince Holdings said sales dropped 14.7% to $84.1 million in the third quarter, as the U.S. fashion firm continues to rollout its transformation plan following its majority stake sale to Authentic Brands.