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updated: 6/7/2013 7:08 AM

Vera Bradley CEO retiring after 6 years in job

Vera Bradley CEO retiring after 6 years in job

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Associated Press

FORT WAYNE, Ind. -- The CEO of Fort Wayne-based handbag maker Vera Bradley is retiring after six years leading the company.

The company announced Michael Ray's decision on Wednesday as the company posted a 27 percent drop in net income and trimmed its yearly outlook.

The Journal Gazette reports ( ) 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.

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.

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