Ascena Retail Group has named its senior vice president, finance and chief accounting officer, Dan Lamadrid, as its new executive vice president and chief financial officer.
Lamadrid will take up the new post on 4 August, replacing Robb Giammatteo who will leave the company.
“We have a strong successor in Dan, who has played a critical role in our transformation and strategic portfolio review,” says CEO Gary Muto, who was appointed in May to replace David Jaffe. “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. Robb has been a valued member of Ascena for many years and we wish him the best in his future endeavours.”
Teffner adds: “Since stepping into this role, I have had a first-hand view of Dan’s financial expertise and thought leadership. Dan will be a critical partner as we execute our transformation plan to return Ascena to profitable and sustainable top-line growth.”
The move comes as the Ann Taylor, Loft and Lane Bryant chain-owner engages in an aggressive turnaround plan to return the group to profitability.
In its most recent third-quarter results, Ascena reported a wider net loss to US$238m from $40m a year earlier. Sales were almost flat at $1.27bn.
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While earlier this month, the company announced it planned to close all its Dress Barn units by the end 2019 and blamed the decision on the chain “not operating at an acceptable level of profitability in today’s retail environment.”