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Dive Brief:
- After eight years, CEO Jyothi Rao is leaving Intermix, according to a company press release.
- Intermix board member Karen Katz has been named interim CEO, beginning June 7. Katz is the former president and CEO of Neiman Marcus Group.
- When asked about the reasons behind Rao’s departure, a company spokesperson said, “We are currently not making any further comments.”
Dive Insight:
Almost a year following Gap Inc.’s announcement that it would sell Intermix to private equity firm Altamont Capital Partners, longtime Intermix CEO Rao is leaving the business.
Gap Inc. first acquired the apparel retailer in 2012, and ran its physical retail and online business until it sold it to private equity.
Karen Katz was named interim CEO of Intermix.
Image courtesy Intermix
“Over the past eight years, Jyothi has crafted a meaningful vision for the brand and built a great team to lead Intermix through its next chapter,” Katz said in a statement. “I am looking forward to partnering with Altamont Capital Partners and this committed Intermix team to continue the momentum and help Intermix deliver the best product and omnichannel experience to its current and future customers. In working with many private equity firms throughout my career, the team at ACP is completely aligned on our focus in delivering a great customer experience and growing shareholder value.”
Prior to her time at Intermix, Rao worked at various positions at Gap. Inc for over a decade, followed by leadership roles at Calvin Klein and Gilt Groupe, according to her LinkedIn. Intermix declined to comment on where Rao is going after her departure from the company.
Interim CEO Katz worked with Neiman Marcus Group in various positions for over three decades, serving her last eight years with the company as CEO before her retirement in 2018. She currently serves on three other boards of publicly held companies — Humana Healthcare, Under Armour and The RealReal.
Intermix private equity owner Altamont Capital Partners also owns other brands and retailers including Billabong and Planet Fitness.
via https://www.aiupnow.com
Kaarin Vembar, Khareem Sudlow
