Ed Krell resigns from Destination Maternity CEO post
Philadelphia — Capping a turbulent summer for maternity apparel retailers, Destination Maternity CEO Ed Krell has resigned effective immediately, and will be replaced by Anthony Romano, former CEO of Charming Shoppes, Inc.
Krell’s departure was announced less than two weeks after his company’s unsuccessful takeover of rival retailer Mothercare. The $446 million offer by Destination Maternity was deemed too low, prompting Krell to say he was “disappointed that the shareholders of Mothercare have not supported our proposal," and that Destination Maternity would not be raising the bid.
Krell started his tenure at Destination Maternity as CFO in 2002 and has served in the chief executive spot since 2008.
"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,” said Krell in a statement.
Incoming CEO Romano, 52, joined Charming Shoppes in 2009 as executive VP and was named CEO in 2011, leading a turnaround of the struggling retailer that delivered the first operating profit in four years and, ultimately, a sale to Ascena Retail Group in May 2012. Romano remained president and CEO of Charming Shoppes post-sale, departing in March 2013.
"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," said Romano of his new position with Destination Maternity.
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.
Walgreens gets ready for Charity Classic golf event in November
The Walgreens Charity Classic, presented by the Seagate Country Club, is set for Nov. 6 to 9, 2014 in Delray Beach, the Country Club announced Friday. The Charity Classic will showcase the talents of 48 former LPGA Tour stars now playing the Legends Tour, the official senior tour of the LPGA.
The four-day event will also raise funds for three area charities: The Dan Marino Foundation, Achievement Centers for Children & Families and Aid to Victims of Domestic Abuse.
“We are excited to bring world-class golf to Delray Beach and to help these great charities in doing so,” stated Roger Lemke, district manager for Walgreens. “All ticket proceeds will support our charity partners. We will begin selling tournament tickets in our stores on Sept. 15. Customers can save $5 off gate pricing by purchasing in advance at Walgreens.”
Active members of the Legends Tour include a dozen Hall of Famers, including Nancy Lopez, Pat Bradley and Beth Daniel, as well as LPGA Tour standouts Rosie Jones, Jan Stephenson and Meg Mallon. Five-time Legends Tour champion Nancy Scranton of St. Augustine, Fla. won the 2013 Walgreens Charity Championship at the Villages and plans to defend her title at Seagate in November.
Tournament rounds will be held at the Seagate Country Club on Saturday, November 8 and Sunday, November 9. Donations for the charity partners will be accepted at the gate both days. Information and representatives from each charity will be on site to increase awareness of the programs and the services they provide.
Following final-round action on Sunday, Lemke and his Walgreens team will present each charity with a check on the 18th green, representing funds raised by the event. “We will crown the tournament champion and celebrate the continued work of the DMF, ACCF, and AVDA,” Lemke said.
“The Dan Marino Foundation shares a common pride with Walgreen’s in helping young people with special needs fulfill their dreams. We are so appreciative of their including us as a beneficiary of this exciting LPGA event,” commented Mary Partin, CEO, the Dan Marino Foundation. For over 22 years, the Foundation has served individuals with disabilities in South Florida through therapies, research, education and employment, and raised more than $47 million to create unique and impactful initiatives in the community.
ACCF is a community-based organization dedicated to serving low-income children and families. ACCF’s mission is to ensure school readiness, provide skill-building opportunities, promote academic achievement, and support healthy lifestyles.
“For the Achievement Centers, it is quite an honor to be one of the charity partners with the LPGA for this prestigious golf tournament,” remarked CEO Stephanie Seibel. “We are incredibly grateful for the opportunity afforded not only to the greater Delray Beach area through this fantastic event, but to our agency which serves our area’s most vulnerable community members.”
AVDA provides a Community of Hope through a state-certified domestic violence center that offers a comprehensive array of services for all victims of domestic violence, including 24-hour crisis hotline, emergency and transitional housing, advocacy, counseling, and support to help them live violence-free and self-sufficient lives. “We are pleased and honored to have been selected as one of the charity partners with the LPGA Legends,” added Pam O’Brien, president and CEO. “AVDA is grateful for the opportunity to raise awareness about domestic abuse.”