Mahwah-based Ascena Retail Group Inc. announced Monday changes to its leadership structure.
The following are the changes:
- David Jaffe, chairman and CEO, will retire, effective immediately. He will remain on the board of directors.
- Gary Muto, CEO and president of Ascena Brands, has been named company CEO and will join the board.
- Carrie Teffner has been named interim executive chair of the board of directors.
“Leading Ascena over the past 27 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,” Jaffe said.
“I am both honored and excited by this new challenge. David, Carrie, the board and I are working together to ensure the leadership transition is smooth,” Muto said. “And, 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.”
The company also announced Brian Lynch, president and chief operating officer, has left the company.
In connection with her new role, Teffner has stepped down from her committee roles. Chuck Rubin has been named as chair of the audit committee and Linda Yaccarino has been named chair of the compensation and stock incentive committee.