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Vera Bradley CEO retiring after six years on job

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The CEO of Indiana-based handbag maker Vera Bradley Inc. is retiring after six years leading the company.

The Fort Wayne-based company announced Michael Ray's decision on Wednesday as the company reported a 27-percent drop in earnings in its latest quarter and trimmed its yearly outlook.

Ray said in a call with analysts that it was time for him to spend more time with his family and pursue interests outside the retail industry, the Journal Gazette reported.

Ray is the son-in-law of Vera Bradley co-founder Barbara Baekgaard and will remain on the board of directors. He joined the company as finance director in 1998 and became CEO in 2007.

The company known for its colorful luxury handbags dropped its annual revenue projection by some $15 million, to about $570 million.

The company's stock fell 9.1 percent in premarket trading, to $20.40 per share.

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