Hezy Shaked Here to Stay as Tilly’s CEO
Tilly’s co-founder Hezy Shaked is officially back in the CEO role as the company looks to turn around results amidst a tough consumer environment.
Tilly’s announced Thursday that it is removing the “interim” label from Shaked’s title. Shaked has been serving in the day-to-day leadership role since the abrupt departure of former CEO Ed Thomas in January.
Shaked, who started the business in 1982 with his now ex-wife, Tilly, has had many stints as CEO. While the business was growing, he led the operational, financial, and strategic side of the company, while Tilly focused on the merchandising and product, and building relationships with industry brands.
He immigrated to this country from Israel with no money, and first got into the retail business at swap meets. The family business grew from there, and Tilly’s eventually went public in 2012 with an initial public offering that raised $124 million and exceeded expectations.
Shaked is known for being hands-on in the CEO role, and for running a profitable business throughout the years.
“As the co-founder of this 42-year-old company, there is no one who cares about it more deeply than I do,” Shaked said in a statement. “I remain fully committed and enthusiastic about making every effort to work toward improving our business.”
Since he returned as interim CEO in January, Shaked has been reviewing all aspects of the business and working to improve Tilly’s operating performance, the company said.
In the quarter ended Aug. 3, total net sales were $162.9 million, up 1.8% compared to the same quarter last year. Total comparable net sales, including e-commerce and stores, declined 7.8%.
