Ascena announces reduction in board size
Ascena Retail Group, Inc. has announced the resignation of two of its board members, Steven Kirshenbaum and Marc Lasry, effective June 30, 2019.
Coinciding with the departures, Ascena said it has also approved a reduction in its board size, taking it from 12 to 10 directors.
The board shakeup comes as Ascena, which owns brands like Lou & Grey, Ann Taylor and Cacique, continues to reduce the size of its portfolio.
The transformation plan, announced prior to the appointment of new CEO, Gary Muto, has already resulted in the sale of Ascena’s Maurices brand to an affiliate of OpCapita LLP, as well as the shutdown of Dressbarn.
“The reduction in the size of the board is consistent with our decision to focus on a portfolio with fewer brands and to right-size the corporate overhead structure,” said Carrie Teffner, interim executive chair of Ascena.
Earlier this month, Ascena reported a narrower-than-expected adjusted net loss for the third quarter but disappointed with stagnant net and comparable sales.
While the company reported positive comps from its premium segment of Ann Taylor and Loft, Ascena’s quarterly net loss widened to $238 million ($1.20 per diluted share), compared to a loss of $40 million ($0.20 per diluted share) in the year-prior period.
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