Ed Krell steps down after failed deal with Mothercare

Destination Maternity Corporation (Nasdaq: DEST) has announced that Ed Krell is

stepping down as the company's chief executive officer and a member of its board of directors. Anthony M. Romano will replace him as the new CEO and be appointed to its Board of Directors, effective immediately.

Ed Krell, who has held the reins of Destination Maternity for over a decade, will be stepping down as the CEO of the maternity and kidswear retailer after a string of failed attempts to lure British Mothercare into a merge deal.

Destination Maternity gave up on Mothercare earlier in July, after the latter rejected two bid proposals.

"On behalf of our entire board, I would like to thank Ed for his many contributions to Destination Maternity over the past 12 years," said Arnaud Ajdler, Chairman of the Board of Directors of Destination Maternity.

"Ed joined the Company as chief financial officer in 2002 and has served as the Company's chief executive officer since 2008. Under his leadership the Company made important progress, strengthening management, enhancing operations, improving financial performance and increasing shareholder value."

Commenting his news, Krell said that "After leading the team that significantly strengthened the Company over the past six years as CEO, the Board and I decided that this was a logical time for a change in leadership at the Company, and a logical time for me to pursue other opportunities. Destination Maternity has a bright future, and I wish Tony and the entire Destination Maternity team all the best as they continue to strengthen and grow the Company."

Looking ahead, Ajdler wanted to highlight what Romano will bring to the apparel retailer, saying that "Tony brings to Destination Maternity both extensive knowledge of retail operations and a demonstrated ability to lead and influence the creative side of the business. His passion for understanding and connecting with customers will support our efforts to deliver exciting product assortments and excellent shopping experiences. We are confident that his unique combination of expertise and skills will help us grow both the top and bottom lines and deliver enhanced shareholder value."