Shares of Lands' End (LE) are in focus this morning after the company announced that its chief executive officer will step down after less than two years in the position as the retailer looks to restore sales growth.

WHAT'S NEW: Lands' End CEO Federica Marchionni has stepped down from her post and as a director of the company, the company said in a statement this morning. Effective immediately, the company's chief operating and financial officer, James Gooch, and its chief merchandising and design officer, Joseph Boitano, will take over as co-interim CEOs. Marchionni said in the statement that she and the board "agreed it is time for others to bring Lands' End into the future." The board has engaged executive-search firm Heidrick & Struggles International to help with finding a permanent CEO and will consider both internal and external candidates.

WHAT'S NOTABLE: Lands' End, which was spun off from Sears (SHLD) in 2014, hired Marchionni in February 2015 from Dolce & Gabbana USA, where she served as president. Marchionni succeeded Edgar Huber, who resigned. Earlier this month, Lands' End reported second quarter results that fell below analysts' estimates, the third consecutive quarter of disappointing sales. In its Q2 earnings report, Marchionni said July sales were soft because of reduced markdown inventory and more targeted promotions with less discounting of merchandise.

PEERS: In addition to peers J.C. Penney (JCP) and Gap (GPS) and higher-end rivals Nordstrom (JWN) and Macy's (M ), Lands' End has been faced with competition from fast-fashion retailers like H&M, as well as an increase in online shopping.

PRICE ACTION: Shares of Lands' End are down 3% in pre-market trading to $17.50. The stock is down over 23% year-to-date.