Weeks After Job Cuts, Luxury Brand TheRealReal Hires Veteran Chief Legal Officer
Todd Suko arrives weeks after the company laid off 10% of its workforce and furloughed another 15%.
May 22, 2020 at 11:48 AM
2 minute read
The RealReal.com website homepage. Photo: II.studio/Shutterstock.com
Luxury goods online marketplace The RealReal Inc. announced it has hired Todd Suko as chief legal officer and secretary.
Suko arrives weeks after TheRealReal laid off 10% of its workforce and furloughed another 15%, according to an April 14 Securities and Exchange Commission filing. The San Francisco-based retailer also told the regulator that it instituted a hiring freeze, postponed the opening of its Chicago store, and cut executive pay. The company did not freeze a limited number of business-critical roles, which includes Suko's position, according to a spokesperson.
In mid-March, like many companies, the retailer withdrew its 2020 business outlook due to COVID-19. It closed its e-commerce center in Brisbane, California, in response to the early shelter-in-place directive that impacted San Francisco Bay Area cities and counties. In-person customer appointments for shopping and evaluating goods for resale had also been suspended.
The novel coronavirus pandemic hit luxury brands especially hard with much of the burgeoning consumer base in China, the original COVID-19 hotspot, and key suppliers and company headquarters in Italy, another early hotspot, according to a Bain & Co. report. TheRealReal, which operates primarily as a digital marketplace and has retail stores and consignment offices, authenticates and consigns the luxury goods now weathering the storm of COVID-19′s worldwide spread.
Suko was not immediately available for comment.
He most recently held the dual role of chief financial and legal officer at OneMarket Ltd., an Australian retail platform that connected brick-and-mortar businesses with customers online. Prior to OneMarket, Suko spent nearly a decade as executive vice president and general counsel at Harman International Industries Inc., an internet-of-things producer under the Samsung umbrella. He previously served as vice president, general counsel and secretary at UAP Holding Corp., an agricultural distributor.
Before his in-house career, Suko was a lawyer at McKenna & Cuneo, now a part of Dentons. A graduate of the University of Virginia School of Law, he also served as an aviator in the U.S. Navy and retired as a commander in the Navy Reserve.
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