Flower and gift delivery service FTD announced Thursday that CEO John Walden is stepping down as the century-old company begins restructuring and reviewing strategic alternatives, including a possible sale or merger.
The shake-up comes after the Downers Grove-based company unveiled plans earlier this year to move 200 employees to a new headquarters at 1 N. Dearborn St. in the Loop. FTD said in a news release Thursday that it plans to slash annual costs by $18 million to $23 million in 2019, in addition to cutting $4 million to $5 million in the second half of this year.
Walden, who also stepped down from his board seat, joined FTD just over a year ago from British retailer Home Retail Group.
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