Vera Bradley Names Robert Wallstrom CEO, Effective November 11 - Quick Facts

(RTTNews) - Women's accessories retailer Vera Bradley, Inc. (VRA) Tuesday announced that Robert Wallstrom has been appointed President and Chief Executive Officer and a member of the Board of Directors, effective November 11. Wallstrom succeeds Michael Ray, who previously announced his intention to retire as CEO.

Wallstrom has 30 years of retail experience. He was most recently serving as President of Saks Fifth Avenue's OFF Fifth division, where he was instrumental in driving a 50 percent increase in sales and a 100 percent increase in profitability.

Under his stewardship, OFF Fifth also elevated its brand, improved its assortment of merchandise, and expanded to 71 stores from 40 stores.

Ray will remain CEO until Wallstrom's start date and will serve in an advisory capacity for a brief period to ensure a seamless transition. Ray will also step down from the Board of Directors.