Phoenix Footwear Group announced on Monday sweeping organizational and leadership changes in advance of a proposed sale of the company.
After a review of its strategic options with BB&T Capital Markets, the company said it is now in talks for the possible divestment of “certain operations.” The company gave no details or a timetable of when any such deal would be reached.
However, it did disclose that CEO Cathy Taylor could be on the receiving end of a transaction. As such, Taylor and CFO Doug Ford have stepped down from their positions at the company.
While talks are ongoing, Russell Hall has been named president and CEO, while Dennis Nelson in now the company’s CFO.
The company also announced cost-cutting measures, including the elimination of 17 staff positions amounting to $2.5 million.