Michael Glazer has resigned as a board member of struggling portrait studio operator CPI Corp.
The departure comes amid mounting financial challenges for the St. Louis-based company that saw the departure of its CEO, Renato Cataldo, earlier this year.
The demands of a new job prompted Glazer’s resignation, according to a letter he sent to company executives. Glazer was named president and CEO of Stage Stores Inc. in March. “After careful deliberation, I have concluded that the demands of my new position will not allow me to devote the time and attention required to continue service on the Board of Directors of CPI Corp.,” Glazer wrote in the letter.