Changing of the guard at Destination Maternity
Destination Maternity Corporation’s Ed Krell is stepping down as the company's CEO and as a member of its board of directors. Anthony M. Romano has been tapped as new executive chief and will be appointed to the board, effective immediately.
"On behalf of our entire board, I would like to thank Ed for his many contributions to Destination Maternity during the past 12 years," said Arnaud Ajdler, chairman of the board of directors. "Ed joined the company as chief financial officer in 2002 and has served as the company's CEO since 2008. Under his leadership the company made important progress, strengthening management, enhancing operations, improving financial performance and increasing shareholder value."
"After leading the team that significantly strengthened the company during 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,” Krell added. “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."
Romano has held executive leadership positions at major publicly held retailers, including Ascena Retail Group, Charming Shoppes and Ann Inc. He joined Charming Shoppes, a $2 billion, publicly traded specialty retailer, in 2009 as its EVP of business transformation/global sourcing. He was named interim CEO in October 2010 and CEO in March 2011. In those positions, Romano is credited with designing and executing 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. He remained president and CEO of Charming Shoppes following its sale to Ascena Retail Group in May 2012, and was a member of Ascena Retail Group’s executive leadership group until March 2013.
"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 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."
From 1997 to 2008, Romano held positions of increasing responsibility at Ann Inc. During his tenure, Ann Taylor tripled in size through organic growth, growing from $700 million in revenue and 300 stores to more than $2 billion in revenue and 900 stores. He joined Ann Taylor as SVP, logistics and rose to the level of EVP and chief supply chain officer responsible for global sourcing, logistics, technology and real estate. Prior to joining Ann Taylor in 1997, he spent eight years at Charming Shoppes in a variety of operational and financial roles. He began his career as a certified public accountant with the predecessor firm to Ernst & Young.
He is a summa cum laude graduate of Syracuse University where he was a four-year football letterman and an Academic All-American, and is a member of the board of directors and chairman of the finance committee of Benco Dental Supply Company.
Destination Maternity operates 1,901 retail locations, including 575 stores, predominantly under the trade names Motherhood Maternity, A Pea in the Pod, and Destination Maternity and 1,326 leased department locations.