Esprit CEO, chairman quit

Esprit CEO resigns in the midst of restructuring plan

The stock drops more than 20% as analysts warn about a lack of clear leadership. And then the chairman too calls it a day.

Esprit’s share price tumbled more than 20% yesterday after chief executive officer Ronald van der Vis resigned for personal and family reasons. And more losses are likely to come as chairman and non-executive director Hans-Joachim Koerber followed suit and handed in his resignation yesterday as well, the company said after the market closed.

The loss of two such prominent figures in just 24 hours will deal a real blow to the Hong Kong-listed fashion retailer, which acknowledged last year that the Esprit brand has gradually lost its soul during the past few years as the company has let its customer focus slip.

The news of van der...

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