SHACC: Trailblazers in Women's surfing exhibit opens April 25.
ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.
Details on Industry Insight.
Updated 8:40 a.m. with comments from a VF Corp. executive
Updated 10:35 a.m. with salary information
By TIFFANY MONTGOMERY
Steve Murray, president of VF Corp's Action Sports Coalition, is leaving VF to become the president of the Urban Outfitters brand, reporting to Urban CEO Glen Senk.
Steve is a 12-year veteran of Vans and was instrumental in that company's turnaround.
He starts his new job April 12. Steve's base salary at Urban Outfitters will be $600,000, and he will receive a signing bonus of $425,000. He will also get relocation expenses of up to $75,000, in addition to various stock options, according to Urban Outfitters public financial documents.
VF is considering its options for replacing Steve, a spokeswoman said.
"We are fortunate to have two strong leaders, Kevin Bailey, president of Vans, and Jim Gerson, president of Reef, in place to maintain our Action Sports brands' momentum," said VF's Cindy Knoebel, vice president of financial and corporate communications.
Urban Outfitters, one of the top-performing retailers during the recession, is headquartered in Philadelphia.
Here's the official announcement:
Urban Outfitters, Inc. Announces Retirement of Tedford Marlow and Appointment of Steve Murray as Global President, Urban Outfitters Brand
PHILADELPHIA, March 17, 2010 (GLOBE NEWSWIRE) -- Urban Outfitters, Inc. (Nasdaq:URBN - News), a leading lifestyle specialty retail company operating under the Anthropologie, Free People, Leifsdottir, Terrain and Urban Outfitters brands, today announced that Tedford Marlow, President, Urban Outfitters Brand, will retire and be succeeded by Steve Murray on April 12, 2010. Mr. Marlow, 58, joined the Company in 2001 and has led the Urban Outfitters brand through a period of significant growth and expansion.
"Ted is a powerful leader, stewarding the Urban brand's most successful period in its 39 year history," said Glen T. Senk, Chief Executive Officer. "He built a strong global team and provided a creative vision and foundation that will carry the brand for years to come. I know Ted is thankful for the passionate commitment of those that have been part of the Urban Outfitters brand during his time with the Company. Personally, on behalf of the board and all URBN employees, we thank Ted and wish him all the best in retirement." Mr. Marlow is expected to remain at URBN through the spring of 2011 in the role of Executive Director of Business Development focusing on international expansion and special projects.
Steve Murray, 49, will join the Company on April 12, 2010 from VF Corporation, where he served as President, VF Action Sports Coalition since February 2009 overseeing the Vans and Reef brands. Prior to assuming that role, Mr. Murray was President of VF's Vans brand from 2004 to 2009. Mr. Murray had been the Chief Marketing Officer for Vans, Inc. from 2002 to 2004 and Senior Vice President, International from 1998 to 2002. Prior to joining Vans, Inc., Mr. Murray held various leadership roles in the US and abroad for Reebok International, LTD from 1991 to 1998. Mr. Murray holds a BA in Business Studies from Middlesex University.
Mr. Senk commented, "When Ted notified us of his interest in retiring, we commenced a search for an outstanding merchant leader for the business. Steve is more than we expected with his vast global experience and brilliant track record in growing lifestyle brands and retail concepts. He is a perfect fit for Urban Outfitters, and brings tremendous creativity and leadership to our organization, along with a deep familiarity of global youth culture from his nearly two decades of work with the Vans and Reebok brands. I am thrilled to have Steve join our executive team and am confident he will play a pivotal role in the future development of the Urban Outfitters brand and URBN."
Urban Outfitters, Inc. is an innovative specialty retail company which offers a variety of lifestyle merchandise to highly defined customer niches through 155 Urban Outfitters stores in the United States, Canada, and Europe; 2 websites and a catalog; 137 Anthropologie stores in the United States, Canada and Europe, a web site and a catalog; Free People wholesale which sells its product to approximately 1,400 specialty stores and select department stores; 34 Free People stores, a web site and catalog; Leifsdottir wholesale, which sells its product to approximately 65 specialty and select department stores; and one Terrain garden center as of January 31, 2010.