Pence stepping down as Coldwater CEO

SANDPOINT — Dennis Pence is stepping down from the company he helped found more than 20 years ago.

Coldwater Creek announced Wedneday that its co-founder, chairman of the board and chief executive officer, Dennis Pence, will retire as chief executive officer of Coldwater Creek effective Oct. 30.

Pence will retain his role as chairman of the board.

Pence suffered a mild heart attack in mid-September. At the time, a company spokesman said doctors were optimistic for a full recovery but would not give a date as to when Pence would return to work.

In addition, Pence recently formed the Wild Rose Foundation, which is working to build a college campus in Sandpoint.

Following Wednesday's announcement, the company's board of directors appointed Coldwater Creek president and chief operating officer, Daniel Griesemer, as president and chief executive officer of Coldwater Creek. Additionally, Mr. Griesemer has been appointed to serve on the company's board of directors.

"I have had the extraordinary privilege to co-found and lead Coldwater Creek for 23 years, and I leave with complete confidence in our company's future," Pence said. "I am very pleased with the company's position in the women's specialty apparel sector, and with its potential for future growth."

As part of the company's succession planning, Pence said Coldwater Creek officials have made a point to strengthen the senior leadership talent throughout the organization.

"I am pleased that Dan Griesemer is prepared to succeed me as chief executive officer of Coldwater Creek," he added. "Dan Griesemer is an exceptional leader. He has a deep understanding of this business and a clear vision of the company's future growth potential."

Pence said he is confident the company will continue to grown under Griesemer's leadership.

Griesemer, joined Coldwater Creek in October 2001. He was promoted in March 2007 to president and chief operating officer. He has been responsible for the company's sales, marketing and national retail store expansion, as well as all distribution center and customer contact center operations.

Prior to joining Coldwater Creek, Mr. Griesemer held leadership positions for Gap Inc. and Federated Department Stores, Inc.

"I am honored to be given the opportunity to lead the Coldwater Creek team," said Mr. Griesemer. "The leadership team we have in place is well qualified to take Coldwater Creek forward, and is committed to meeting the needs of our shareholders, customers, and employees. I have total confidence in the Company's ability to execute our on-going strategic initiatives and I look forward to leading the organization to continued success."