Bare Escentuals Exec Resigns
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.
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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.
