Ascena Retail Group will promote Dan Lamadrid, currently SVP, Finance and Chief Accounting Officer, to the role of EVP and CFO, effective August 4, 2019. He will replace Robb Giammatteo, who intends to leave the company at the end of August.
Lamadrid most recently served as SVP, Chief Accounting Officer at The Vitamin Shoppe and VP/Controller at Ralph Lauren. He also has held leadership roles at Hartz Mountain Corporation and Toys ‘R’ Us.
This is the second high-level leadership shift at Ascena in recent months: the company promoted Gary Muto to CEO of Ascena Retail Group from his previous role as CEO of Ascena Brand in May. He replaced outgoing CEO David Jaffer; President and COO Brian Lynch left the retailer at the same time.
Ascena, which operates specialty apparel retailers including Ann Taylor, LOFT and Lane Bryant, is working to reverse its recent bad fortunes by generating $300 million in cost savings through its “Change for Growth” plan. The company shuttered Dressbarn’s 650 stores and e-Commerce site in May, and plans to close 260+ more stores at other chains after July.
Additionally, the retailer reported overall flat growth in Q3 2019: Anne Taylor, LOFT and Justice each saw 5% same-store sales growth, but the gains were offset by losses at Lane Bryant (-2%), Catherines (-6%) and Dressbarn (-4%). Ascena also suffered from a decline in gross margin rate compared to Q3 2018, due to higher promotional activity to address elevated inventory levels and soft pre-Easter sales.