PSS Collective Brands, Inc.

The Men's Wearhouse Inc. (MW) has recently announced that effective August 2, 2012, Neill P. Davis will no longer serve as the executive vice president and chief financial officer (CFO) of the company. Davis resigned from his current position in Men's Wearhouse to join Francesca's Holdings Corporation (FRAN) as president.  

This will not be Davis’ first association with Francesca's Holdings, a women's specialty retailer. He has been serving the company’s board as a director since 2007. At Francesca's Holdings, a post has been created to welcome Davis who will directly report to chief executive officer John De Merit. Davis will remain a director at Francesca's even as he assumes the new position as president.

Concurrently, Men's Wearhouse has appointed its present executive vice president, Diana Wilson, as the new CFO on an interim basis. The company will be on the lookout for a permanent CFO. After in March 1999 as Corporate Controller, Wilson has held an array of managerial positions in the organization. She holds a nine years of experience as chief accounting officer with Men's Wearhouse. 

Wilson’s most recent role was to supervise the company's U.K. corporate apparel operations since the acquisition of Dimensions and Alexandra in August 2010. Considering the vast know-how in public accounting, we remain optimistic on Wilson’s on-probation appointment. As an interim CFO, Wilson will closely monitor investor relations and assist the company's vice chairman and erstwhile CFO, David Edwab.   

One of North America's largest specialty retailers of men's apparel also divulged other managerial changes. The present vice president, finance and accounting, Kelly Dilts will serve as the chief accounting officer.

Men's Wearhouse, which competes with the likes of Collective Brands Inc. (PSS) currently, retains a Zacks #4 Rank that translates into a short-term Sell rating. We are maintaining our long-term Neutral recommendation on the stock.

 
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