Stein Mart Inc. on Tuesday morning announced Jay Stein is retiring as CEO and named a longtime retail apparel executive to succeed him.
Dawn Robertson, the new CEO, has more than 25 years of experience in the retail industry, Stein Mart said.
The 70-year-old Stein will remain chairman of the company founded by his grandfather more than a century ago, but is giving up the CEO spot because of “his desire to step back from that position,” the company said in a news release.
RELATED STORY: Stein Mart hoping for better 2016.
Jay Stein originally retired as CEO of his namesake company in 2001 but remained chairman and its largest shareholder, controlling 32.8 percent of the stock, according to Stein Mart’s 2015 proxy statement.
Stein resumed the role of CEO on an interim basis in 2011 as the company began a search for a new leader but after two years, Stein decided to keep the job himself and take the “interim” tag off his title.
Stein Mart last week reported adjusted earnings of 58 cents a share for the fiscal year ended Jan. 30, down from 72 cents in fiscal 2015, after disappointing sales in the latter part of the year.
Robertson, 61, has a history of coming in to retailers that are looking for a turnaround, including a stint as president of the Old Navy division of Gap Inc.
Most recently, she became CEO of Deb Shops Inc. in 2013, but that retailer filed for Chapter 11 bankruptcy in 2014 and closed its stores last year.
Deb Shops still exists as an online retailer.
“Dawn brings with her over 25 years’ executive management experience at major retailers and department stores,” Stein said in the news release.
“With her leadership and industry knowledge, she will help us build on our growth initiatives and bring a fresh focus to our company and merchandising organization that will benefit us immensely,” he said.
In addition to her role as CEO, Robertson will also serve as chief merchant, the company said.