Gary Muto replaces David Jaffe as Ascena’s new CEO

Ascena Retail Group, Inc. has announced changes in its senior management structure. The company said, David Jaffe will retire from his role as chairman and CEO but will remain on the board of directors. Gary Muto, currently president and chief executive officer of Ascena Brands, has been named the company’s Chief Executive Officer and will join the company’s board of directors. In addition, Carrie Teffner has been named Interim Executive Chair of the board 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,” said Jaffe in a statement.

Gary Muto takes over as the new CEO of Ascena

Muto, the company said, is a seasoned retail leader with an extensive career and impressive track record. Muto joined Ann Inc./Ascena Retail Group, Inc. in 2008 as the president of Loft. In 2013, he assumed responsibility for leading the Ann Taylor, Loft and Lou & Grey brands. In August 2017, he was promoted to president and chief executive officer of Ascena Brands, a role that included reinvigorating and driving top-line growth across Ascena’s full brand portfolio.

“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. And, I am eager to lead and work with our Ascena associates, who share my deep commitment to our customers, brands and shareholders,” added Muto.

Between 1998 and 2007, Muto held several leadership roles at Gap Inc., including president of Banana Republic and president of Gap brands. While at Gap Inc., Muto also launched the specialty brand, Forth & Towne. After earning his Bachelor of Science degree in Marketing from St. John’s University, Muto started his retail career as a group buyer at Abraham & Straus.

The company also announced the departure of Brian Lynch, president and COO. The company further said that in connection with her appointment, Teffner has stepped down from her committee positions and 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.

Carrie Teffner named Interim Executive Chair

Teffner has been a member of the Ascena board of directors since 2018, and until her appointment as Interim Executive Chair, served as chair of the audit committee and as a member of the compensation and stock incentive committee.

Teffner joined Crocs as a member of board of directors in 2015. Six months later, she was asked to assume responsibilities as executive vice president and chief financial officer. Prior to her departure in April 2019, Teffner served as Crocs' executive vice president of finance and strategic projects.

Prior to Crocs, Teffner served as executive vice president and chief financial officer of PetSmart, Inc. from 2013 to 2015, where she was responsible for finance and IT. She also served as executive vice president and chief financial officer of Weber Stephen Products LLC from 2011to 2013 and the Timberland Company, as senior vice president and chief financial officer from 2009 to 2011. Since 2018, she has been a Director of GameStop Corp. Teffner spent the first 21 years of her career with Sara Lee Corporation where she held various domestic and international positions including divisional and segment CFO roles as well as serving as global treasurer.

Picture:Facebook/Ann Taylor