Ascena appoints John L. Welborn, Jr. to Board
Mahwah, New Jersey-based specialty retailer Ascena Retail Group, Inc. announced on Friday that it has appointed John L. Welborn, Jr., managing director of Stadium Capital Management, LLC to its Board of Directors.
Stadium is an investment advisory firm whose funds are significant long-term stockholders at Ascena. Before joining the company in 2000, Welborn worked at The Beacon Group, LLC as a financial analyst in the mergers and acquisitions group before the firm was taken over by J.P. Morgan Chase & Co. In his role at Beacon, he was primarily involved in financial services and consumer product companies, as well as the liquid investments committee.
Welborn also served as a director and member of the governance committee at Intermountain Community Bancorp from 2012 to 2014, and as a director at Panhandle State Bank, Inc.
“I am excited to join Ascena’s Board of Directors. Stadium Capital is once again a significant stockholder, and we have had a strong and constructive working relationship with Ascena for almost twenty years,” said Welborn in a release. “Now as a member of the Board, I look forward to working with the full Board to help Ascena drive long-term stockholder value.”
“We seek open dialogue and input from our stockholders and believe that John’s long-term stockholder perspective as well as his extensive capital markets and investment experience will benefit the company and its stockholders,” commented Kate Buggeln, chair of the Board’s Leadership and Corporate Governance Committee.
“John possesses the relevant expertise that complements the talents of our current directors. We look forward to benefitting from his added perspective to Ascena’s Board and believe that he will make a substantial contribution to the company while serving the best interests of all of its stockholders,” added Ascena CEO David Jaffe.
Ascena currently runs a range of e-commerce platforms and some 4,700 stores around the US, Canada and Puerto Rico, operating under a variety of brand names including Ann Taylor, Lane Bryant and Justice.
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