Urban Outfitters Inc, a leading lifestyle specialty retail company operating under the Anthropologie, Free People, BHLDN, Terrain and Urban Outfitters brands, 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 endeavors."
The Board of Directors elected Mr. Hayne to serve as Chief Executive Officer of the Company. Mr. Hayne, 64, co-founded Urban Outfitters in 1970 and has been Chairman and President since the Company's incorporation in 1976. A spokesperson for the Board stated that "the entire Board is pleased to name Dick as the Company's Chief Executive Officer. He brings over 40 years of retail experience and strong leadership. Mr. Hayne has been instrumental in the Company's historical success and we are extremely fortunate to have an executive of Dick's tenure and caliber in place and prepared to lead the Company's continued growth."
Urban Outfitters Inc is an innovative specialty retail company that offers a variety of lifestyle merchandise to highly defined customer niches through 194 Urban Outfitters stores in the United States, Canada and Europe, catalogs and websites; 166 Anthropologie stores in the United States, Canada and Europe, catalogs and websites; Free People wholesale, which sells its product to approximately 1,400 specialty stores and select department stores; 60 Free People stores, catalogs and websites, 1 Terrain garden center and website and 1 BHLDN store and website as of December 31, 2011.
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