Gymboree names Daniel Griesemer new CEO and President
The Gymboree Corporation has announced it is bringing on former Tilly's CEO Daniel Griesemer as President and CEO to lead the mall based children's retailer out of its financial troubles and improve its digital presence.
San Francisco, CA-based Gymboree is the most recent retailer rumored to be headed for bankruptcy. SEC filings show the company has $1.043 billion in outstanding debt. $872 million is due in less than a year.
Despite the huge debt, lenders are not yet out of patience. Griesemer was named CEO and President in part due to his experience running multi-channel brands in the face of a changing retail landscape.
Lew Klessel, a member of the Board of Directors said, "Dan's proven leadership in the specialty-store sector, combined with his operational and financial experience, make him an ideal person to lead Gymboree into the future as the team works to establish a sustainable capital structure and position the company for long-term success."
Griesemer led Tilly's for five years and helped reshape the action sports retailer's business to remain relevant to its teenage clientele. Prior to Tilly's, he held the CEO and President roles at Coldwater Creek, which faced a similar financial future as Gymboree now does.
Griesemer has also held senior leadership positions with Gap Inc. including time at GapKids. He attended the University of Michigan Ross School of Business's executive education program and began his career with Macy's.
Griesemer's key talents that he brings to Gymboree include increasing consumer engagement in e-commerce and digital as well as improving customer experience in those channels. He has a track record of saving brands that are losing in the traditional retail landscape, and will be undoubtedly bringing that insight to Gymboree.
Of his new role, Griesemer said he plans to make sure Gymboree has "the right foundation in place as we continue to execute on key strategic initiatives and remain focused on delivering the merchandise and the shopping experience that delights both parents and kids."
Griesemer assumes his new role as President and CEO effective immediately. He replaces interim CEO Mark Weikel who will return to his spot on the Board of Directors.
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