Calling it a "retirement", Brian Mirsky, CEO, Inscape Corporation Ltd, announced late Monday that West Elm Workspace President Jim Stelter has left the company. “Since joining Inscape in January 2014, Jim has helped create and implement our Strategic Growth Plan and he has made significant contributions identifying and developing the West Elm Workspace with Inscape growth opportunity. We wish him all the best,” said Mirsky.
““Another one bites the dust at Inscape. Former Steelcase executives at this level tend to recycle their former colleagues from Steelcase to work for them, which Inscape has done to some extent, and it always has the same effect. Inscape might consider manufacturing “ revolving doors”, instead of furniture, it may help the stock price. Inscape is very lucky now with the “West Elm” brand, and how it has been received. Yet it Inscape has a hard time retaining executives or hiring savvy sales leaders, in is a shame because they have the branding done right”
Stephen Viscusi CEO The Viscusi Group”
Along with Stelter's departure, the company also announced a number of additional organizational changes, effective immediately.
Inscape says it is making changes to "align leadership capabilities to better support the growth of its two operating units: Inscape (Inscape systems, storage, architectural walls and seating products) and West Elm Workspace with Inscape (all products related to partnership with West Elm)."
“We are evolving our organizational structure to maximize the potential of both business units,” said Brian Mirsky, CEO. “Moving to a matrix organization leverages our resources and talent more efficiently to deliver value for the entire organization.”
Glen Snelling, Vice President of Operations, will lead Supply Chain and Operations support for both Inscape and West Elm Workspace business units. John Gols, Executive Vice President Sales + Distribution, will continue to lead the company's Sales and Sales Resource teams, newly bolstered by the addition of new West Elm Workspace Brand Specialists and Operations support.
Inscape shares closed at C$3.90 ahead of the news. Inscape has traded as high as $5.30 in the past 52-weeks, but has lagged lately. The company will report its 4th quarter and year-end results on June 22.