News Release

FORT WAYNE — Vera Bradley announced that its Chief Executive Officer Jacqueline Ardrey is leaving the company. The announcement follows reported first-quarter net losses of $33.5 million for Fort Wayne-based company.

Jacqueline Ardrey

Vera Bradley’s board of directors have launched a national search for Ardrey’s replacement. She will remain with the company to aid in the transition until the end of July.

Ardrey joined the company in November 2022 and launched Project Restoration, a strategic initiative to transform the company’s business model and brand positioning following losses. The initiative showed mixed results: while the company saw a full-year profit in Fiscal Year 2024, it saw a loss in Fiscal Year 2025.

“I want to thank the board and our amazing associates for their support and look forward to seeing Vera Bradley’s growth journey ahead,” Ardrey said in a news release.

A reason has not been given for Ardey’s departure.

In December, shareholder Puerto-Rico based Fund 1 Investments LLC wrote a letter to board chairman Robert Hall addressing the company’s financial struggles, calling on the company’s board of directors to make the luggage and handbag brand profitable again.

A strategic cost efficiency initiative was announced by Vera Bradley around two weeks afterwards, with the goal of lowering annual costs by $20 million. In March of this year, the company sold its Pura Vida business.

As a part of the announced leadership changes, Ian Bickley is assuming the role of Executive Chairman effective Monday, July 7. In this newly created role, Bickley will be taking an interim executive role to provide leadership and guidance during the CEO transition and will also be the chairman of the Board of Directors of the company. The executive chairman role is expected to be a temporary role during the CEO transition.

Bickley has executive experience serving in numerous roles with Coach, including as president of the company’s International Group. He also served as Interim CEO of the Body Shop where he helped complete a successful sale of the company. Bickley also serves on the Crocs and Brilliant Earth Boards.

As a part of Bickley taking on the Executive Chairman role, current board chairman Hall will be stepping down from the chairman role. He will continue to serve as a Director on the Board.

In announcing these changes, Hall remarked that “Since joining the Board, Ian has demonstrated a strong command of our industry in addition to the challenges of Vera Bradley’s ongoing transformation. I am grateful for Bickley’s willingness to lend his extensive expertise, including in turnaround situations, to take on an executive leadership role during the CEO transition.”

Additionally, the company announced that it has hired a new Chief Financial Officer, Martin “Marty” Layding who assumed the role of CFO beginning Thursday, June 12. Layding has served as a CFO in various organizations including as divisional CFO for Tapestry’s Coach brand in addition to CFO roles at several private equity backed firms, including for the Supreme Brand.

Current Chief Financial Officer Michael Schwindle has announced his departure from the company, effective Monday, June 30, and will work closely with Layding during the transition period to ensure continuity of operations.

The board has also established a new “strategy and transformation” committed to work closely with incoming leadership in shaping the company’s strategic direction and future growth initiatives. The committee is co-led by Bickley and Director Andrew Meslow, who also has significant executive experience, most recently as the CEO of Bath & Body Works and L Brands. Meslow will also be assuming the role of Lead Independent Director of the company.

Bickley remarked about the announced changes, “I look forward to continuing the company’s transformation. I will be working closely with the strategy and transformation committee and our new CEO to refine our strategy and drive acceleration of the company’s transformation.”

The company also released financial results for the first quarter of fiscal 2026, which can be found on its investor relations website at investors.verabradley.com.