Tis the season for executive changes

The same day that TJX announced the retirement of its CEO, Ascena Retail Group named a new executive to lead its recently acquired Ann Inc. division.



Six weeks after Ascena Retail Group, parent company of Lane Bryant, Dressbarn and Maurices, closed on its acquisition of Ann Inc., the leading women’s apparel retailer made a key leadership change at its recent takeover target. Kay Krill, president and CEO of Ann Inc. for the past 10 years, will join the Ascena board and Gary Muto was elevated from his role as president to also serve as CEO. Muto will oversee all aspects of Ann Inc., including the banners of Ann Taylor, Loft and Lou & Grey.



“We are very excited to add Kay’s deep strategic and operational expertise to our board. We believe her perspective and experience will prove extremely valuable as we pursue growth opportunities at each of our brands,” said Elliot Jaffe, non-executive chairman of the Ascena board. “Kay has built strong brands and a world-class set of capabilities at Ann Inc., while creating significant stockholder value. We are fortunate to be able to expand her leadership role and her guidance to our larger organization.”



Krill spent 21 years at Ann Inc., and said her time at the company was the highlight of her retail career, including the launch of the LOFT brand, which grew to generate $1.5 billion in annual sales.



“It has been my honor and privilege to lead our iconic brands, talented associates and create a purpose driven culture that makes a difference in our associates’ and clients’ lives,” Krill said. “And, as my successor and a valued member of my leadership team for the past seven years, Gary (Muto) has worked closely with me on all aspects of growing the Ann Taylor and LOFT brands, as well as the launch of Lou & Grey. I am thrilled for him and his much deserved promotion, and wish him much success in his new role.”



Muto has served as president of the Ann brands since 2014. He joined the retailer in 2008 as president of the Loft brand and added oversight of Ann Taylor and e-commerce in 2014.