- Push-out Score determined
- After around 17 years in the position
- Praise and thanks for Jaffe
- Gary Muto taking over
- Jaffe said 98 words
(exechange) — Mahwah, New Jersey, May 1, 2019 — David Jaffe, chief executive of Ascena, leaves — as “mutually agreed.” As announced by Ascena Retail Group Inc. in a news release and in a regulatory filing published on Wednesday, May 1, 2019, David R. Jaffe leaves his post as chief executive officer at the retailer of women’s clothing after around 17 years in the role, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange. Only 11 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
David Jaffe’s duties will be taken over by Gary P. Muto, most recently president and chief executive officer of Ascena brands.
David Jaffe’s move is part of a management shake-up also involving the position of president and chief operating officer.
“The Company continues its transformation”
A reason for David Jaffe’s departure from the CEO post was not explicitly provided. Jaffe said: “As the Company continues its transformation, the Board of Directors and I mutually agreed that these decisions are right for the business and its shareholders.”
Precise information regarding David Jaffe’s future plans was not immediately available.
Ascena said: “David Jaffe will retire from his role as Chairman and Chief Executive Officer, effective today.”
Ascena further said: “On May 1, 2019, Ascena Retail Group, Inc. … announced the retirement of David Jaffe as the Company’s Chairman and Chief Executive Officer, effective as of that date.”
Share price decline
The announcement follows a decline in Ascena Retail Group, Inc.’s share price of 94 percent since December 2013.
In the position of CEO since 2002
Jaffe has been the Chief Executive Officer at Ascena Retail Group Inc. since February 2002.
Jaffe served as President at Ascena Retail Group Inc. from February 2002 to August 1, 2017.
Jaffe served as a director (since 2001), as the Company’s CEO (since 2002) and as Chairman of the Board (since 2016).
Previously, he had been President from 2002 to 2017, and Vice Chairman and Chief Administrative Officer from 2000 to 2002.
Jaffe joined the Company in 1992 as Vice President, Business Development and became Senior Vice President in 1995, Executive Vice President in 1996 and Vice Chairman in 2000.
David Jaffe is the son of Elliot S. and Roslyn S. Jaffe.
Elliot S. Jaffe is a co-founder and Chairman Emeritus.
Roslyn S. Jaffe is a co-founder and Director Emeritus for Life.
David Jaffe is the brother of Elise Jaffe, a non-executive officer and a more than 5% stockholder, and Richard Jaffe, a significant holder of the Company’s stock.
Jaffe is also a member of the Board of Directors of The National Retail Federation.
Jaffe will remain on Ascena’s Board of Directors.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Ascena and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 18.2019 ($).