Mark Hoffman to retire from Charlotte Russe

22 Jul '08

3 min read

The Board of Directors of Charlotte Russe Inc announced that Board member Leonard Mogil, 62, formerly Group Executive Vice President of Phillips-Van Heusen Corporation, has been named interim Chief Executive Officer of the Company, effective immediately.

He replaces Mark Hoffman, 59, who has retired as Chief Executive Officer and a Director of the Company. The Board of Directors is commencing a search for a permanent CEO, which will begin immediately.

Jennifer Salopek, Non-Executive Chairman of Charlotte Russe, said, “We are delighted and fortunate that Len has agreed to serve as interim CEO while we conduct a search for a new Chief Executive Officer.

Len has extensive retail and operational experience and the Board is confident he will lead the Company effectively while our search is underway.

Charlotte Russe has a strong financial position, an exciting future, and an experienced senior management team that has helped build the Company into one of the country's fastest-growing mall-based specialty retailers for young women in their teens and twenties.

We on the Board, including Len, are committed to enhancing the Company's overall profitability and to increasing shareholder value.”

Salopek continued, “On behalf of the Board, we thank Mark for his contributions as Chief Executive Officer and a Director since 2003. We wish him well in his retirement.”

Said Mark Hoffman, “I am very pleased to have had the opportunity to lead a great company like Charlotte Russe and proud of what we accomplished during my tenure. I am confident in the Company's long-term prospects and that it will enjoy continued success into the future.”

Len Mogil said, “As interim CEO, I look forward to working with the Company's talented management team and associates to position the Company for the growth opportunities that lie ahead.

We are committed to taking the Company to the next level and as part of that effort, will continue our strategy development process that is already underway, including an in-depth assessment of our real estate strategy, merchandising, inventory management, and capital utilization.”

Mr. Mogil has served as a member of Charlotte Russe's Board of Directors since August 2001. From 1989 until his retirement in 2001, he served as a senior executive at Phillips-Van Heusen Corporation, most recently as Group Executive Vice President.

Prior to joining Phillips-Van Heusen, Mr. Mogil held senior executive positions at various retail organizations, including Allied Stores Corporation.

He began his professional career at the accounting firm of Touche Ross & Co. He is also a Certified Public Accountant.

Third Quarter Fiscal 2008 Financial Results:
For the third quarter of fiscal 2008, net sales increased 7.2% to $193.2 million, compared to $180.3 million in the third quarter of fiscal 2007.

Comparable store sales for the third quarter of fiscal 2008 declined 6.5%. Earnings per share (EPS) for the third quarter of fiscal 2008 was $0.31 per diluted share, within the range of the Company's guidance, compared to $0.40 per diluted share in the third quarter of fiscal 2007.

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