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On Monday, shares of retailer Lands’ End Inc. (LE - Free Report) are tumbling, down almost 12% in late morning trading after news broke that its Chief Executive, Federica Marchionni has stepped down.

Ms. Marchionni has been with the company since February 2015; she joined from high-end fashion designer Dolce & Gabbana, where she served as president, as well as Ferrari. The decision is effective immediately, and Joseph Boitano, chief merchandising and design officer and James Gooch, chief operating and financial officer, have both been appointed co-interim CEOs.

"I am honored to have led this extraordinary company and proud to have succeeded in providing a vision to expand its positioning in the industry with a multi-dimensional strategy. However, the board of directors and I have agreed it is time for others to bring Lands' End into the future," Marchionni said. She will also step down from Lands’ End’s board.

"On behalf of the entire Board, I want to thank Federica for her dedication and contributions to Lands' End. Her creative vision has helped Lands' End begin its transformation as a global lifestyle brand with a broader merchandise offering that is more relevant in today's marketplace," Josephine Linden, chairman of the board, said in a statement Monday.

During her time at Lands’ End, Ms. Marchionni sought to change the way consumers saw the outdoorsy retailer, adding slimmer-fitting clothes for men and women, and a new line of athletic wear. However, her efforts didn’t quite hit the mark with shoppers.

Lands’ End said it will be considering both internal and external hired to fill the position of CEO.

LANDS END INC Price, Consensus and EPS Surprise

LANDS END INC Price, Consensus and EPS Surprise | LANDS END INC Quote

Currently, LE is a #3 (Hold) on the Zacks Rank, and has lost over 23% year-to-date and more than 33% during the past 12 months.

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