Ascena Retail Group Restructures Leadership
Ascena Retail Group has consolidated its executive leadership structure as part of efforts to reinvigorate top-line growth, enhance its culture of performance and accountability, and sharpen its focus on the creation of sustainable shareholder value, the company announced in a press release.
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. 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 kid's fashion segments.
Muto’s new role complements the enterprise platform support responsibilities held by Brian Lynch, who has been elevated to president and COO of Ascena Retail Group. Lynch will continue to be responsible 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 nonmerchandise procurement in support of the company’s brand portfolio.
“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 million to $300 million in cost savings through fiscal 2019,” said David Jaffe, chairman and CEO of Ascena Retail Group. “We're confident we will meet or exceed this cost takeout target, and are now turning to the ‘growth’ piece of our transformation.”