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Torrid announces series of leadership changes including new CEO

By Huw Hughes

4 May 2022

People

Image: Torrid, Facebook

Plus-size womenswear brand Torrid has announced a spate of changes to its top team, including a new CEO as former boss Liz Muñoz steps into the chief creative officer role.

Muñoz has been at the helm of the US brand since August 2018, and prior to that held senior leadership roles at companies including Hot Topic - the former owner of Torrid - and Lucky Brand Jeans.

In her new role as chief creative officer, Muñoz will focus on product, design, product development, fabrication, sourcing, technical fit, creative marketing, and merchandising.

Torrid chair Stefan Kaluzny said: “[Muñoz] has done a terrific job leading Torrid, including playing an important role in the company’s successful initial public offering in 2021.

“[Muñoz] is driven by her passion for product and Torrid’s customer, and we are thrilled to have her assume this critical new role at the company.”

Retail industry veteran Lisa Harper succeeds Muñoz as CEO. Harper has previously held a variety of senior leadership roles across the industry, including as CEO of Belk, Hot Topic, and Gymboree.

She has also been a board member of Torrid since 2008, a position she will retain following her new appointment.

Harper said: “It has been exciting to contribute to the evolution and innovation that has made Torrid an industry leader over the last decade.

“I look forward to partnering with [Muñoz] and the Torrid team in my new role to continue to drive tremendous growth.”

Torrid also announced the appointment of Tanner MacDiarmid as interim chief financial officer, following the retirement of George Wehlitz at the end of the first quarter. A search for a permanent CFO is underway.

Additionally, Torrid has appointed former PVH Corp CFO Michael Shaffer as a new board member and chair of its audit committee. Shaffer retired from PVH in September 2021 after serving 31 years at the business in various leadership roles.

Torrid also announced it expects to exceed its previously stated sales and adjusted EBITDA guidance for the first quarter of fiscal 2022.

In March, the company reported record sales of 1.278 billion dollars for the year ending January 29, an increase of 31.4 percent from a year earlier and an increase of 23.3 percent compared to two years ago.

Despite the strong sales, the brand made a net loss of 29.9 million dollars compared to a net income of 24.5 million dollars a year earlier.