Guitar Center's former executive, appointed as both COO and CFO in Torrid.
Torrid Holdings Appoints Tim Martin as COO and CFO, Hyon Park as CTO
Torrid Holdings, the direct-to-consumer fashion retailer, has appointed Tim Martin as its new Chief Operating Officer (COO) and Chief Financial Officer (CFO), effective September 12. Additionally, the company has named Hyon Park as the Chief Technology Officer (CTO), as announced in a Wednesday press release.
Martin will oversee Torrid's finance and operations, including IT, store operations, customer service, real estate, logistics, distribution, and supply chain functions. Park, on the other hand, will manage the company's IT team, responsible for software, infrastructure, security, governance, and business intelligence.
Prior to joining Torrid, Martin served as the executive vice president and CFO of Guitar Center, where he managed the company's accounting, finance, real estate, logistics, and sourcing functions. Park spent the past 20 years at companies like Belk, Tailored Brands, and Gymboree, most recently as the CTO of Belk.
The announcements follow a recent leadership change earlier this year. In May, Lisa Harper became the company's CEO, and Michael Shaffer joined the company's board of directors after serving as CFO of PVH Corp. At that time, Liz Munoz shifted from CEO of Torrid to chief creative officer.
Torrid is looking to navigate financial headwinds as it continues to grow and scale its business. Martin and Park's appointments are seen as strategic moves to support sustainability and profitable growth.
"As we continue to grow and scale our business, we are building a world-class leadership team to support our continued sustainable and profitable growth," Harper said in a statement. "I am very excited to welcome Tim who is a seasoned leader known for his analytical acumen, strategic orientation, and proven ability to drive results. His expertise will be invaluable to our operations, and he will be a valuable strategic partner to me and the entire leadership team."
Torrid has also updated its guidance, expecting its net sales to range between $335 million and $340 million, down from its previous expectation of $350 million to $360 million. The company adjusted its sales and EBITDA guidance for Q2 amid an uncertain macroeconomic environment.
"Although our web traffic trends have been consistent, store traffic trends slowed in July and shipping disruptions caused by upgrades to our distribution platform during the quarter created unanticipated headwinds," Harper said in a press release. "The increased capacity in our fulfillment center is now operational, and customers are receiving their orders as expected. Additionally, we were able to clear our projected levels of excess inventory and expect to have assortments in a balanced position by mid-September."
The appointments of Martin and Park at Torrid align with the company's strategic focus on product innovation and digital experience, critical for a direct-to-consumer company aiming to enhance customer experience and operational efficiency. Torrid's management, led by CEO Lisa Harper, remains committed to serving curvy women with affordable, fashionable, and high-quality apparel, intimates, and accessories.
- Torrid Holdings, a direct-to-consumer fashion retailer, has named Tim Martin as COO and CFO, tasked with overseeing finance, operations, and IT, while Hyon Park will manage the IT team, focusing on software, infrastructure, security, and business intelligence.
- Previously, Martin served as executive vice president and CFO of Guitar Center, where he handled accounting, finance, and logistics, and Park worked for 20 years at companies like Belk, Tailored Brands, and Gymboree, most recently as the CTO of Belk.
- These appointments follow a series of leadership changes earlier this year, including Lisa Harper becoming CEO and Michael Shaffer joining the board of directors.
- The company is aiming for sustainable and profitable growth, as it confronts financial headwinds while expanding its business.
- Torrid has updated its guidance, with net sales projected to range between $335 million and $340 million, down from initial expectations of $350 million to $360 million.
- The business, committed to serving curvy women with affordable, fashionable, and high-quality apparel, intimates, and accessories, is focusing on product innovation and enhancing the digital customer experience.
