Ascena announces retirement of Elliot S. Jaffe
Ascena on Tuesday announced that Co-Founder and Non-Executive Chairman of the Board of Directors Elliot S. Jaffe is to retire from the company and the Board of Directors, effective at the end of the 2016 Annual Meeting of Stockholders. Jaffe will not stand for re-election at the 2016 Annual Meeting of Stockholders.
Jaffe co-founded Dressbarn with his wife Roslyn in Stamford, Connecticut in 1962. He served as CEO from 1966 through 2002, and later became Ascena’s Chairman of the Board until January 2011 when the company reorganized with the name Ascena Retail Group. Jaffe then transitioned to Non-Executive Chairman.
Following 50-plus years in business, Ascena operates brands Lane Bryant, Dressbarn, Justice, Maurices, Catherines, and Ann Taylor and Loft, which it acquired following its purchase of Ann Inc. in 2015.
The acquisition of Ann has boosted Ascena’s sales, though its fourth quarter sales were below expectations, and Lane Bryant’s performance continues to improve.
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