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The Vitamin Shoppe announces new chief executive officer

Sharon Leite moves from Godiva Chocolatier to The Vitamin Shoppe, which has seen brick-and-mortar sales plummet over the past two years.

The Vitamin Shoppe, Inc., an omni-channel, specialty retailer of nutritional products, announced Tuesday that Sharon M. Leite will take over as chief executive officer, effective Aug. 27. She will also become a member of the board of directors.

“On behalf of the board of directors, we are excited to have such a talented executive as our new CEO,” said Alex Smith, chairman of the board. “Sharon's broad experience and impressive track record makes her an ideal choice to lead both our turnaround and future growth.”

Leite’s predecessor, Colin Watts, announced in February that he would be stepping down as CEO. The company’s net sales fell 8.6 percent to $1.18 billion in 2017. The first quarter of 2018, which ended March 31, saw same-store sales drop 3.6 percent from the first quarter of 2017. However, digital sales grew 20.7 percent. 

Prior to joining The Vitamin Shoppe, Leite was the president of Godiva Chocolatier in North America since October 2017. She led the business across all channels, including stores, e-commerce and wholesale. Previously, Leite was the president of Sally Beauty, U.S, and Canada, an international specialty retailer and distributor of professional beauty products, with more than 3,000 stores. She  spent close to a decade at Pier 1 Imports, leaving in 2016 as executive vice president of sales, customer experience and real estate. Earlier in her career, Leite held various executive leadership roles at Bath and Body Works as well as various sales and operations positions with other prominent retailers including Gap, Inc., The Walt Disney Company and Express.

Leite said, “I want to thank the Board for this opportunity and look forward to working with the leadership team and all The Vitamin Shoppe Health Enthusiasts. I share their passion for health and wellness and for providing customers with the best shopping experience.”

When her hiring becomes effective, Leite will receive a grant of performance share units valued at $1 million, with vesting based on The Vitamin Shoppe’s achievement of revenue targets and adjusted EBITDA targets over calendar years 2019, 2020 and 2021.

 

Source: The Vitamin Shoppe

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