What: In a surprise move, Belk has to find a replacement to its brand new CEO.

Why it is important: Investors are more nervous than ever when it comes to traditional retail companies, and expect leaders to make visible and fast decisions just after being appointed.

Nir Patel resigned from the Belt CEO position after having been promoted from his former job of Chief Merchandising Officer, to pursue other interests. The president, Don Hendricks, is taking the interim until a replacement has been found.

Patel was expected to change the whole company after emerging from bankruptcy a year ago, but according to experts, not much has happened: no new products, new offering or sales channel.

Belk, a 134-year-old company, has 300 stores in 16 US states, mainly in the South.

Belk CEO steps down less than a year after taking the job