Jul 26, 2019
Ascena promotes Dan Lamadrid to executive VP, chief financial officer
Jul 26, 2019
Ascena Retail Group Inc. has announced that Dan Lamadrid, who most recently served as senior vice president, finance and chief accounting officer, has been promoted to the role of executive vice president and chief financial officer, effective August 4, 2019.
In the new role, Lamadrid will report to Gary Muto, the company’s chief executive officer.
The new executive VP and CFO first joined Ascena in 2017, serving as senior vice president, finance and chief accounting officer. Prior to joining the company, he served as senior vice president, chief accounting officer at Vitamin Shoppes and as vice president/controller at Ralph Lauren. He has also previously held finance leadership roles at Hartz Mountain Corporation and Toys ‘R’ Us.
“We have a strong successor in [Lamadrid], who has played a critical role in our transformation and strategic portfolio review,” said Muto. “He is a highly accomplished finance executive and I look forward to his partnership. In addition, we also benefit from the considerable financial and transformation expertise of Carrie Teffner, our interim executive chair.”
Lamadrid will replace Robb Giammatteo, who will leave the company at the end of August. Giammatteo will serve as a senior advisor during his last month, working closely with Lamadrid.
The new appointment marks the latest move in a dizzying year of changes for the American retailer as it reduces its portfolio. This past May alone, the company completed the sale of its Maurices brand and announced the wind down of Dress Barn, just weeks after the retirement of former CEO David Jaffe on May 1. In late June, Ascena reduced its board size with the resignation of two of its board members, Steven Kirshenbaum and Marc Lasry.
The New Jersey-based company, which owns brands like Ann Taylor, Loft and Lane Bryant, reported a narrower-than-expected adjusted net loss for the third quarter ended May 4, but disappointed with relatively flat net and comparable sales.
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