Ascena Retail Group Inc (NASDAQ:ASNA) has added Linda Yaccarino, as an independent director to its board. The company stated that her appointment brings the total number of board members to nine, once again. Ms. Yaccarino is currently serving at NBCUniversal Inc, as the chairwoman of advertising, sales and client partnerships. She is responsible for approximately $10 billion in annual revenue, which expands over 2 broadcast networks, 50 digital properties and over 15 cable networks.
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The company noted that Ms. Yaccarino had been an integral part of the team responsible for transforming NBC into a leading sales and marketing organization, in the industry. It should be noted here that for most of her career, the new director had been involved with various entertainment companies. She also has the privilege of being named in the “Power of Women of New York”, in 2014. Ms. Yaccarino was named as the CEO of tomorrow on the list, published in Business Week.
Elliot S. Jaffe, the non-executive chairman of the board at ASNA, expressed his delight at the new appointment and stated that Ms. Yaccarino brings a wealth of experience, which would add significant value to the company. The appointment comes at a time when Ascena is executing a major enterprise transformation plan. The “Change for Growth” plan was only recently announced by ASNA, which is separate from its ongoing implementation of its cost-saving initiatives, aimed at reducing $235 million in expenditures.
Ascena Retail believes that the Change for Growth plan would help increase its cost saving initiatives, by approximately $100-$150 million, by the end of FY2019. The main areas of focus, under the plan, include focusing on key-customer segments, improvements in time-to-market and reduction in working capital. Moreover, the company also plans to enhance its ability to serve its customer on any purchasing platform. Added to this, the company would now operate through four segments, which include Premium Fashion, Value Fashion, Plus Fashion and Kids Fashion.
Ascena Retail Group Inc (NASDAQ:ASNA) declined by 3%, during the October 19 trading session, to close at $4.85 per share.
