Lands' End Inc. said David Dyer will return to the catalog retailer as president and chief executive, effective immediately, after the unexpected ouster of CEO Michael Smith and another top executive. The retailer said its board asked Smith, 37, and William Ferry, 57, vice chairman of sales, to resign for undisclosed reasons. The changes come after two straight quarters of lower-than-expected earnings because of weak sales. Dyer, 49, was Lands' End's vice chairman of merchandising and sales before leaving in 1984 to join Home Shopping Network, where he was president and chief operating officer. More recently, he was a consultant to Texas Pacific Group and J. Crew Group. Shares of Dodgeville, Wis.-based Lands' End fell 50 cents to close at $18 on the NYSE.