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Hannah MacGibbon Said "Devastated" at Chloe CEO Ralph Toledano's Exit

Hannah MacGibbon Said "Devastated" at Chloe CEO Ralph Toledano's Exit

>> WWD confirms yesterday's rumors that Ralph Toledano, Chloe's well-respected and popular chairman and CEO since 1999, is no longer with the firm. Although when reached for comment, Toledano said, "We never comment on rumors," sources told WWD that Toledano recently left the company, shaking the house roughly a month before Paris Fashion Week.

Why did he leave? »

One source said that Chloe designer Hannah MacGibbon was "devastated" at Toledano's exit; they worked closely to face the enormous expectations held by the press, retailers, and Richement, Chloe's parent company. Although Chloe remained profitable in the last fiscal year, which ended March 31, it has struggled to return to its heyday in the early- to mid-naughties. Toledano, under increasing pressure to strengthen the brand, is understand to have been pushed out by his new boss, Marty Wikstrom, who was named CEO of Richemont's fashion and accessories businesses in May 2009. Wikstrom declined all comment on the matter.

Geoffroy de la Bourdonnaye, former CEO of London's Liberty department store, is said to be among the frontrunners to succeed Toledano.

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