ascena retail group Announces Leadership Structure Changes to Drive Growth
August 01 2017 - 4:18PM
Business Wire
ascena retail group, inc. (NASDAQ:ASNA) (the “Company” or
“ascena”) announced today that it has consolidated its executive
leadership structure as part of its efforts to reinvigorate
top-line growth, enhance its culture of performance and
accountability, and sharpen its focus on the creation of
sustainable shareholder value.
Effective today, Gary Muto has been appointed to the newly
created position of President and CEO of ascena Brands, with
responsibility for reinvigorating and driving top-line growth
across ascena’s full brand portfolio. Mr. Muto will continue to
lead the Company’s Premium Fashion segment, and will now also
provide strategic direction and leadership for the Company’s Plus,
Value and Kids Fashion segments. Mr. Muto’s new role complements
the enterprise platform support responsibilities held by Brian
Lynch, who has been elevated to President and Chief Operating
Officer of ascena retail group. Mr. Lynch will continue to have
responsibility for the Company’s operating platform and
infrastructure, and will remain focused on the development and
delivery of top-tier enterprise capabilities in supply chain,
technology, product sourcing, real estate, and non-merchandise
procurement in support of the Company’s brand portfolio. Both Mr.
Muto and Mr. Lynch will continue to report to David Jaffe, Chairman
and Chief Executive Officer of ascena retail group.
David Jaffe commented, “To date, our Change for Growth
transformation program has focused on the ‘change’ piece – a
complete organizational reset with an emphasis on efficiency that
we expect to deliver $250 to $300 million in cost savings through
fiscal 2019. We are confident we will meet or exceed this cost
takeout target, and are now turning to the ‘growth’ piece of our
transformation.”
Jaffe continued, “Our new executive management structure will
enable faster decision making, accelerate implementation of
company-wide initiatives, and foster greater accountability. Our
segment teams will benefit from Gary’s deep knowledge of fashion
merchandising, customer experience, and brand management as they
work to reinvigorate and drive growth at our brands. And the
continued maturity of our shared services platform under Brian’s
leadership will enable our brands to meet evolving customer
expectations and drive enterprise value.”
Jaffe concluded, “We have recently completed an extensive
evaluation of strategic opportunities that complement our core
business, and leverage our brand and platform assets. The new
management structure we are announcing today will allow me to
increasingly focus my efforts on strategic growth initiatives. We
have begun a search for a new senior executive who will be
responsible for developing strategic opportunities, and all related
business development activity will report directly to me. Initial
implementation of these opportunities will be supported by our
existing cost structure and shared services platform, and we look
forward to sharing initiative detail as we achieve key milestones.
Today’s changes reaffirm our commitment to deliver value to our
shareholders by transforming ascena into an agile competitor – one
that is well positioned to respond to rapidly evolving consumer
expectations through the power of our brand portfolio and our
leading platform capabilities.”
About ascena retail group, inc.
ascena retail group, inc. (NASDAQ:ASNA) is a leading specialty
retailer offering apparel, shoes and accessories for women through
our Premium Fashion Segment (Ann Taylor, LOFT and Lou & Grey),
the Value Fashion Segment (dressbarn and maurices), the Plus
Fashion Segment (Lane Bryant and Catherines), and for tween girls
under the Kids Fashion Segment (Justice). ascena retail group, inc.
operates e-commerce websites and approximately 4,800 stores
throughout the United States, Canada and Puerto Rico.
For more information about ascena retail group, inc. visit:
ascenaretail.com: AnnTaylor.com, LOFT.com, louandgrey.com,
maurices.com, dressbarn.com, lanebryant.com, cacique.com,
Catherines.com, and shopjustice.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170801006696/en/
For Investors:ICR, Inc.James
Palczynski, 203-682-8229Partnerjp@ircinc.comorFor Media:ascena retail group, inc.Sue
Ross, 218-491-2110Corporate Affairssue.ross@ascenaretail.com
Ascena Retail (NASDAQ:ASNA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ascena Retail (NASDAQ:ASNA)
Historical Stock Chart
From Jul 2023 to Jul 2024