Bare Escentuals Exec Resigns

The cosmetics company seeks a replacement for Diane Miles, president of wholesale and international sales.
Author:
Publish date:

Shares of cosmetics maker

Bare Escentuals

(BARE)

shed some 10% Tuesday on news of an executive departure.

President Diane Miles, who had been in charge of wholesale and international sales at the San Francisco-based company since mid-2006, has resigned in order "to pursue other opportunities." Bare made the announcement after the market close Monday.

The remaining wholesale/international sales team will report to Chief Marketing Officer Jim Tascetta until a new senior VP is found to assume those duties, said CEO Leslie Blodgett.

Goldman Sachs said Miles was crucial to running the company, according to the

Associated Press

, though the brokerage kept its buy rating on the company since shares have already been driven sufficiently low.

Bare stock was recently down $2.32 to $20.85.