PRESS RELEASE: PHILADELPHIA, Aug. 11, 2014 /PRNewswire/ — Destination Maternity Corporation (Nasdaq: DEST) (“the Company”), the world’s leading maternity apparel retailer, today 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.
From 1997 to 2008, Mr. 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 $2+ billion in revenue and 900 stores. He joined Ann Taylor as Senior Vice President, Logistics and rose to the level of Executive Vice President 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 Corporation is the world’s largest designer and retailer of maternity apparel. In the United States and Canada, as of June 30, 2014, Destination Maternity operates 1,901 retail locations, including 575 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and 1,326 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also distributes its Oh Baby by Motherhood® collection through a licensed arrangement at Kohl’s® stores throughout the United States and on Kohls.com. In addition, Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea and Mexico. As of June 30, 2014, Destination Maternity has 77 international franchised locations, including 18 Destination Maternity branded stores and 59 shop-in-shop locations.