More Turmoil At Esprit
Esprit is shuffling management yet again. On Apr. 15, Corrado Federico resigned as CEO and president of the San Francisco-based apparel maker. Federico, who joined Esprit in 1980 and kept it intact while the founders feuded for years over the company's direction, said he's leaving "to pursue other interests." Isaac Stein, the Esprit chairman, will temporarily assume Federico's duties.
Esprit struggled for years because of a feud between co-founders Doug and Susie Tompkins, whose marital problems split the company. Last June, Susie Tompkins and a group of investors bought out Doug's interest in Esprit's U. S. operations. But Esprit has since failed to make much of a comeback, and it's suffering in the soft retail environment.