CEO Vince is stepping down after two years

Vince Holding Corp announced Tuesday that Jack Schwefel has stepped down as CEO, just two years after he took the top job.

In a shock departure, the New York-based company has named David Stefko, the company’s current director and former CFO, as interim CEO, effective immediately. The luxury fashion company said it has begun a search process to identify a permanent CEO.

Stefko has over 30 years of senior finance and executive leadership experience and has been a member of Vince’s board of directors since June, following his retirement as the company’s CFO, which he held from 2015 to 2023. In addition to his term as CFO, Stefko served as the company’s interim CEO from August 2020 to March 2021.

“The board thanks Jack for his work in preparing Vince for his next stage of growth and wishes him the best as he pursues other opportunities,” said Michael Mardy, chairman of the board.

“We are committed to finding a leader who has the skills and vision to continue to keep Vince on track and achieve his long-term goals. Through his experience as CFO and a member of our board of directors, Dave brings significant understanding of the company and is highly respected throughout the organization. Having previously served as interim CEO during a prior transition and in the face of the volatile Covid-19 pandemic, the board is confident in Dave’s ability to lead the organization during this period.”

Coinciding with this news, the company said it remains on track to meet its full-year 2023 profitability targets. In its latest earnings update in December, Vince Holdings reported that sales fell 14.7% to 84. $1 million in the third quarter, according to data from the American fashion company, which continues to implement its transformation plan after selling a majority stake to Authentic Brands.