Express Announces Departure of CFO Perry Pericleous and Appoints President & COO Matthew Moellering Interim CFO

Rhea-AI Summary

Express, Inc. (NYSE: EXPR) announced the departure of Senior VP and CFO Perry Pericleous, effective November 12, 2021, to pursue another opportunity. The company is actively searching for a new CFO, with President and COO Matthew Moellering stepping in as Acting CFO during the transition period. Moellering, who has extensive experience with the company, aims to ensure continuity in leadership. CEO Tim Baxter acknowledged Pericleous’ contributions, particularly in enhancing the company's liquidity during the pandemic.

Positive

• Matthew Moellering's appointment as Acting CFO may bring stability, given his extensive experience with Express since 2007.
• Leadership continuity is expected during the search for a new CFO, potentially minimizing disruption.

Negative

• Departure of CFO could signal potential instability in financial management amidst ongoing market challenges.

COLUMBUS, Ohio--(BUSINESS WIRE)-- Fashion apparel retailer Express, Inc. (NYSE: EXPR) today announced the departure of the Company's Senior Vice President, Chief Financial Officer and Treasurer, Perry Pericleous, effective November 12, 2021. Mr. Pericleous is leaving the Company to pursue another opportunity.

The Company has begun a search for a new Chief Financial Officer, and President & Chief Operating Officer Matthew Moellering will serve as Acting Chief Financial Officer in the interim, along with his existing responsibilities. Mr. Moellering has served as the Company's President and Chief Operating Officer since September 2019. He also served as Interim President and Interim Chief Executive Officer from January 2019 to June 2019, and was the Company's Chief Financial Officer and Treasurer from 2007 to 2011. Mr. Pericleous, who reports directly to Mr. Moellering, will continue to work closely with Matt over the next month to ensure a smooth transition.

"I want to thank Perry for his many years of service to Express, his support in helping to advance the EXPRESSway Forward strategy, and the important role he played in partnership with Matt to strengthen the Company’s liquidity position and secure the financial health of the Company throughout the pandemic," said Tim Baxter, Chief Executive Officer.

About Express, Inc.

Express is a modern, versatile, dual gender apparel and accessories brand that helps people get dressed for every day and any occasion. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has always been a brand of the now, offering some of the most important and enduring fashion trends. Express aims to Create Confidence & Inspire Self-Expression through a design & merchandising view that brings forward The Best of Now for Real Life Versatility.

The Company operates over 500 retail and factory outlet stores in the United States and Puerto Rico, as well as an online store. Express, Inc. is traded on the NYSE under the symbol EXPR. For more information, please visit www.express.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211019006172/en/

Investor Contact

Greg Johnson

gjohnson@express.com

(614) 474-4890

Source: Express, Inc.

FAQ

What was the reason for Perry Pericleous' departure from Express, Inc.?

Perry Pericleous left Express, Inc. to pursue another opportunity.

Who is the Acting CFO of Express after Perry Pericleous' departure?

Matthew Moellering is serving as Acting CFO while the company searches for a new CFO.

What impact might the CFO transition have on Express, Inc.?

The transition might pose risks for financial stability, though Matthew Moellering's experience may help mitigate disruptions.

When did Perry Pericleous leave Express, Inc.?

Perry Pericleous' departure became effective on November 12, 2021.