Mimi Vaughn on COVID-19 impact
From Mimi Vaughn (CEO, Genesco Inc) shares lessons from a proxy fight · · Vanderbilt Owen Graduate School of Management
“It was a very dark day when you close all of your stores across all of your geographies and 85% of your revenue is off with no end in sight.”
On , Mimi Vaughn, Chairman, President & Chief Executive Officer at GENESCO INC, spoke about COVID-19 impact during Mimi Vaughn (CEO, Genesco Inc) shares lessons from a proxy fight on Vanderbilt Owen Graduate School of Management.
About Mimi Vaughn
Mimi Vaughn, Chairman, President and CEO of Genesco, has discussed the company's response to the COVID-19 pandemic and a proxy fight with a major shareholder. Vaughn stated that the company closed all stores across its geographies, losing 85% of revenue, and described it as "a very dark day." She said the company grew its e-commerce digital business by 75% and went from a 44% revenue decline and a $70 million loss in the first quarter of the prior year to sales slightly below pre-pandemic levels and higher profits in the fourth quarter. Vaughn attributed this turnaround to the company's people, whom she described as "tenacious" and "innovative." Regarding the proxy fight, Vaughn said the company took its story to shareholders and received "a resounding endorsement" of its strategy and board. She noted that "retail has been going through such incredible transformation right now, it has attracted a lot of activism" and that "you never want to have a proxy fight; if you can have a meeting of the minds, that is the best answer for your shareholders." Vaughn also recalled advice from Jim Estepa, who told her, "You can't solve that problem, but what you can do is you can move mountains by motivating people," a principle she said she applied during both the proxy fight and the pandemic.