As CEO Departs, Destination Maternity Searches for New Leader
Destination Maternity appointed Allen Weinstein, an independent director of the company, as interim CEO, effective at close of business Sept. 7, 2017. The board and Anthony M. Romano mutually agreed that Romano will step down from his role as president, CEO and board member, effective at close of business Sept. 7, 2017. The board will immediately launch a search to identify a qualified candidate to serve as the company's permanent CEO.
Additionally, Barry Erdos, an independent director, has been elected to succeed Arnaud Ajdler as non-executive board chair, effective immediately.
"Despite the investment of significant time, effort and resources into the proposed merger with Orchestra-Prémaman, it was ultimately not completed," said Mr. Romano. "Consequently, my fellow Board Members and I have reached a mutual decision that now would be a good time to make a change to allow for a fresh look at Destination Maternity. As such, at close of business on September 7th, I will leave the Company."
Commenting on behalf of the Board, Mr. Erdos said, "This is a decision that both Tony and the Board felt was in the best interest of Destination Maternity. We thank Tony for his leadership through a difficult and transformative period in an extremely challenging retail environment."
Interim CEO Allen Weinstein has served as a director of the Destination Maternity Board since January 2010. Mr. Weinstein is currently Executive Chairman and a director of Villa, a privately owned footwear and apparel retailer. From August 2009 to August 2012, Mr. Weinstein served as the Chief Executive Officer and a director of Body Central Corporation. Prior to joining Body Central, Mr. Weinstein was the Executive Vice President-Chief Merchandising Officer of The Cato Corporation from 2005 to 2009, having previously served as Executive Vice President, Chief Merchandising Officer of the Cato Division since 1997. From 1995 to 1997, Mr. Weinstein was Senior Vice President-Merchandising of Catherines Stores Corporation. From 1981 to 1995, he served as Senior Vice President of Merchandising of Beall's, Inc.
Non-executive Chairman Barry Erdos has served as a director of the Destination Maternity Board since January 2010. He is currently a consultant in the retail industry, after having served as Chief Executive Officer of F.A.O. Schwarz, Inc. from March 2009 until its acquisition by Toys "R" Us in May 2009, and prior to that having served as President, Chief Operating Officer and a director of Bluefly, Inc. Prior to joining Bluefly, Inc., Mr. Erdos held senior management positions with prominent retailers, including President and Chief Operating Officer of Build A Bear Workshop and Chief Operating Officer of Ann Taylor, Inc.