Steve Spiegel will begin two new roles Monday, as both CFO and executive vice president of Regis, an Edina-based company. The former executive at Unilever will be replacing Brent Moen, who has worked for Regis for the past 12 years, according to Twin Cities Business Magazine.
Prior to his new position at Regis, Spiegel was vice president of finance and corporate controller of Unilever, a brand that creates Dove, Axe, Lipton and 400 other products. Spiegel will be replacing Brent Moen, who began working for Regis in 2000. According to Twin Cities Business Magazine, "[Moen] was named vice president of finance in 2002 and became corporate controller in 2006. He replaced Randy Pearce as CFO in 2011, when Pearce was named president of the company."
In regard to the new addition, Regis is incredibly pleased. "Steven will be a tremendous asset to our leadership team," Regis CEO Dan Hanrahan said in a statement. "I have the highest confidence that his extensive financial knowledge and experience will deliver significant contributions toward our objectives of improving the salon experience for our guests, simplifying our operating model, effectively leveraging our scale, and enhancing value for our shareholders."
Though Spiegel will officially start on Monday, Moen will continue to be employed by Regis until January 4, in order "facilitate a smooth and orderly transition," Twin Cities Business Magazine stated.
With this new position, Regis looks to their future in business. According to the Star Tribune, "Regis has been struggling to grow comparable store sales as fewer consumers visit its salons. The company has slashed costs and sold off non-core assets like Hair Club for Men and Woman and its stake in Provalliance, a chain of salons in Europe." Though Regis' former CEO stepped down in February and former President also stepped down in January, a new CFO could be a fresh start.
According to Twin Cities Business Magazine, "For its first fiscal quarter, which ended September 30, Regis reported earnings of $28.5 million, or 45 cents a share--up dramatically from $8.3 million, or 15 cents a share, during the same period a year ago."