RTW Retailwinds streamlines senior leadership, promotes Sheamus Toal to COO
Dec 4, 2018
RTW Retailwinds, formerly known as New York & Company, has announced its president and chief operating officer John Worthington will exit immediately. Sheamus Toal, the current executive vice president and chief financial officer, will now become the company's COO while maintaining his two other roles.
In his new position, Toal will continue to supervise all areas of finance, real estate, logistics, and corporate planning, with the added responsibility of managing IT, sourcing, and store operations. Toal will report to the company’s CEO, Gregory Scott.
In a press release, Scott said the change comes “as part of [the company's] continuing efforts to increase efficiency across the organization," and is meant to create "a more streamlined senior leadership structure."
Toal has served as RTW's CFO and executive VP since 2008, and has held a variety of roles within the company since 2004. Previously to joining RTW, Toal served as vice president and controller of footstar, Inc.
According to Scott, Toal's work with RTW has allowed the company to generate its "highest gross margin since 2006 in third quarter," as well as its highest quarterly operating income in more than a decade. He has also helped RTW to "achieve expense savings and operate with a debt free balance sheet and strong cash flow."
Scott said he believes Toal will continue to aid the company with future sales and profitability goals, including "delivering a double digit EBITDA margin longer term."
Worthington exits the company after serving as its president and COO since 2014. Previously, he held several executive leadership roles with Kohl’s Department Stores, including chief administrative officer, senior executive vice president, executive vice president and director of stores, senior vice president, and regional vice president.
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