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Ann Inc. CEO Steps Down, Transitions to Board of Directors

Ascena Retail Group Inc., parent company of Ann Inc. announced Wednesday Kay Krill, the company’s president and CEO, is stepping down and will transition to a position on Ascena’s Board of Directors.

Gary Muto, who currently serves as president of Ann brands, will replace Krill. The two will work closely to ensure a smooth transition of this leadership role in overseeing all facets of Ann Inc. and the Ann Taylor, Loft and Lou & Grey brands.

Krill has served as the president and CEO of Ann Inc. since 2005, after joining Ann Taylor in 1994. She is responsible for the creation of the Loft brand, which according to Ascena, became a $1.5 billion business and one of the fastest growing concepts in women’s apparel.

“The past 21 years at Ann has been the highlight of my retail career, especially growing the Loft brand from its inception. 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 in a statement. “And, as my successor and a valued member of my leadership team for the past seven years, Gary 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.”

Krill is also a member of the Breast Cancer Research Foundation Board of Directors and the Board of Directors of the National Retail Federation.

Muto joined Ann Inc. in 2008 as president of the Loft brand and has served as president of the Ann brands since 2014. Previously, Muto has filled the position of president at several Gap Inc. brands including, Gap Adult, Forth & Towne and Banana Republic.

“I am so pleased that Kay, on her tenth anniversary as CEO of Ann Inc., will step up to the ascena Board of Directors. Kay leaves Ann Inc. in good shape with a strong foundation in place operationally, financially and culturally,” said David Jaffe, president and CEO of Ascena. “Therefore, this is a natural time to make this transition. I am very pleased to promote Gary Muto to the position of President and CEO of Ann Inc. and look forward to his leadership of Ann Inc. and the Ann Taylor, Loft and Lou & Grey brands.”