Senk out as CEO at Urban Outfitters

Glen T. Senk, chief executive officer of Urban Outfitters Inc., has been replaced at the helm of the Philadelphia-based retail corporation by its founder, Richard A. Hayne, and has resigned from the board of directors as well, the company announced today.

Senk, 55, who joined the company in 1994 as president of Anthropologie and had been groomed to become the company's first chief executive several years ago, departs as the global retailer has struggled for months to recover from bad performance at its Anthropologie division and after Senk recently approved a management shake-up affecting several brands.

Senk's replacement is effective immediately though the company, headquartered at the Philadelphia Navy Yard, said he would stay on for a period of time to assist in the transition.

Senk plans to pursue another opportunity, the company said in a statement filed with regulators.

"Glen joined the company nearly 18 years ago when the Anthropologie business was a single-store prototype. We are forever grateful for his passion, creativity and leadership in building the Anthropologie brand to what it is today. We are also thankful for his countless contributions having served as the URBN CEO since 2007," said Hayne, 64. "We wish Glen all the best in his future endeavors."