Ascena retail group has announced a change in its senior management structure. David Jeff, CEO and Chairman of the company steps down as he retires from his role, though, he remains on the Board of Director. Gary Muto, currently president and Chief Executive Officer of Ascena brand will be taking over as the company’s Chief Executive officer and will join the Ascena Board of Directors. In addition, Carrie Teffner has been named Interim Executive Chair of the Boards of Directors.
“Leading Ascena over the past twenty-seven years has been a privilege. As the company continues its transformation, the Board of Directors and I mutually agreed that these decisions are right for the business and its shareholders. I am extremely confident in Ascena’s future under Gary’s leadership and look forward to continuing to serve Ascena as a member of the Board.” – David Jeff, CEO and Chairman, Ascena
“I am both honoured and excited by this new challenge. David, Carrie, the Board and I are working together to ensure the leadership transition is smooth. I am eager to lead and work with our Ascena associates, who share my deep commitment to our customers, brands and shareholders. Together we will realize Ascena’s potential as the Board and management continue to execute on our previously announced strategic initiatives, including a comprehensive assessment of Ascena’s portfolio brands, operations, assets and continued cost savings.” said Muto.
“On behalf of the Board, I want to thank David for his many years of service to Ascena’s customers, associates and communities. During his watch, the company built solid organizational and functional capabilities as well as a deep executive bench. We are pleased that David will continue to serve Ascena as a member of our Board. I also want to thank Carrie Teffner for stepping into the role of Interim Executive Chair. Carrie will work closely with Gary to accelerate and amplify execution of the company’s strategic initiatives.” – Kate Buggeln, Lead Independent Director, Ascena
Furthermore, the company has also announced the departure of Brian Lynch, President and COO. “I want to thank Brian for his contributions to Ascena. Among his accomplishments, Brian led Ascena’s Change for Growth transformation plan which is on track to deliver a run rate cost savings of $300 million by July 2019,” said Jaffe.
In connection with her appointment, Teffner has stepped down from her committee positions. Chuck Rubin has been appointed as the Chair of the Audit Committee and Linda Yaccarino has been appointed as the Chair of the Compensation and Stock Incentive Committee.