Urban Outfitters Inc. (NASDAQ: URBN) shares dipped on Friday after the retailer announced that there would be a change in its executive leadership. The company specified no reasons for this departure.
The firm announced that David McCreight, CEO Anthropologie Group and president, will leave the company on April 27, 2018. He had served in this role since November 2011. And during this time, Anthropologie opened 60 new stores and grew revenue by more than 35%.
Going forward, Hillary Super, Anthropologie Group President, Apparel and Accessories, which includes Beauty and BHLDN, in partnership with Andrew Carnie, Anthropologie Group President, Home, Garden and International, will lead the brand.
Excluding Friday’s move, Urban Outfitters had outperformed the broad markets, with its stock up 71% over the past 52 weeks. In just 2018 alone, the stock is up 10%.
Richard A. Hayne, co-founder, board chair and chief executive of Urban Outfitters, commented:
We thank David for his six years of service to the Company during which time the Anthropologie group opened 60 stores and grew revenue by over 35%. Both Hillary and Andrew are strong leaders and excellent merchants with a solid understanding of the Anthropologie customer. Anthropologie Group’s current business is particularly robust, and we are excited about both the near and longer-term opportunities for growth under their leadership.
Shares of Urban Outfitters were last seen down 1% at $38.09, with a consensus analyst price target of $39.02 and a 52-week range of $16.19 to $38.70.