Urban Outfitters Inc. said Glen Senk resigned as chief executive officer Monday and will be succeeded by co-founder Richard Hayne as the retailer seeks to turn around falling profit.
Senk, 55, plans to pursue another opportunity and will remain with the company to assist with the transition, the Philadelphia-based company said Tuesday in a statement.
The operator of Urban Outfitters, Anthropologie and Free People stores is turning to its co-founder after net income declined for four straight quarters. Hayne, 64, helped start the company in 1970 and has been chairman since it was incorporated six years later, Urban Outfitters said today.
Urban Outfitters fell 8.2 percent to $27 at 4:08 p.m. in New York. The shares dropped 23 percent last year.
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