Destination Maternity Corporation, the world's leading maternity apparel retailer, announced that Ed Krell is stepping down as the Company's chief executive officer and a member of its board of directors. Anthony M. Romano will become the Company's chief executive officer and be appointed to its Board of Directors, effective immediately.
"On behalf of our entire board, I would like to thank Ed for his many contributions to Destination Maternity over the past 12 years," said Arnaud Ajdler, Chairman of the Board of Directors of Destination Maternity. "Ed joined the Company as chief financial officer in 2002 and has served as the Company's chief executive officer since 2008. Under his leadership the Company made important progress, strengthening management, enhancing operations, improving financial performance and increasing shareholder value."
Ed Krell commented, "After leading the team that significantly strengthened the Company over the past six years as CEO, the Board and I decided that this was a logical time for a change in leadership at the Company, and a logical time for me to pursue other opportunities. Destination Maternity has a bright future, and I wish Tony and the entire Destination Maternity team all the best as they continue to strengthen and grow the Company."
Mr. Ajdler continued, "Tony brings to Destination Maternity both extensive knowledge of retail operations and a demonstrated ability to lead and influence the creative side of the business. His passion for understanding and connecting with customers will support our efforts to deliver exciting product assortments and excellent shopping experiences. We are confident that his unique combination of expertise and skills will help us grow both the top and bottom lines and deliver enhanced shareholder value."
"Destination Maternity's market leadership is founded on its commitment to helping the mom-to-be look and feel great, with concepts and products that respond to her unique style preferences, budget and how she wants to shop," said Mr. Romano. "I look forward to working with the Company's many talented employees to grow the business by deepening our understanding of our customers and translating this knowledge into even more exciting collections and experiences."
Mr. Romano, 52, has held executive leadership positions at major publicly-held retailers, including Ascena Retail Group, Inc., Charming Shoppes and ANN INC. He joined Charming Shoppes, Inc., a $2 billion, publicly traded specialty retailer, in 2009 as its executive vice president of business transformation/global sourcing. He was named interim chief executive officer in October 2010 and chief executive officer in March 2011.
In those positions, Mr. Romano designed and executed a strategic transformation plan that resulted in a successful turnaround of the company, which during his leadership delivered six consecutive quarters of year-over-year EBITDA growth and its first operating profit in four years. Mr. Romano remained president and chief executive officer of Charming Shoppes following its sale to Ascena Retail Group, Inc. in May 2012, and was a member of Ascena Retail Group, Inc.'s executive leadership group, until March 2013.
