ascena retail group Announces Senior Management Changes

DAVID JAFFE, CHAIRMAN AND CEO TO RETIRE; GARY MUTO NAMED CEO

CARRIE TEFFNER BECOMES INTERIM EXECUTIVE CHAIR OF THE BOARD

—Move Reflects Company’s Ongoing Transformation—

MAHWAH, N.J.–(BUSINESS WIRE)–ascena retail group, inc. (Nasdaq: ASNA) (“ascena” or the “Company”)
today announced changes in its senior management structure. David Jaffe
will retire from his role as Chairman and Chief Executive Officer,
effective today. He will remain on the Board of Directors. Gary Muto,
currently President and Chief Executive Officer of ascena brands, has
been named the Company’s Chief Executive Officer and will join the
ascena Board of Directors. In addition, Carrie Teffner has been named
Interim Executive Chair of the Board of Directors.

“Leading ascena over the past twenty-seven years has been a privilege.
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. I am extremely confident in ascena’s future under
Gary’s leadership and look forward to continuing to serve ascena as a
member of the Board,” said Mr. Jaffe.

“I am both honored and excited by this new challenge. David, Carrie, the
Board and I are working together to ensure the leadership transition is
smooth,” said Mr. Muto. “And, I am eager to lead and work with our
ascena associates, who share my deep commitment to our customers, brands
and shareholders. Together we will realize ascena’s potential as the
Board and management continue to execute on our previously announced
strategic initiatives, including a comprehensive assessment of ascena’s
portfolio brands, operations, assets and continued cost savings.”

“On behalf of the Board, I want to thank David for his many years of
service to ascena’s customers, associates and communities. During his
watch, the Company built solid organizational and functional
capabilities as well as a deep executive bench. We are pleased that
David will continue to serve ascena as a member of our Board. I also
want to thank Carrie Teffner for stepping into the role of Interim
Executive Chair. Carrie will work closely with Gary to accelerate and
amplify execution of the Company’s strategic initiatives,” said Kate
Buggeln, Lead Independent Director of ascena retail group, inc.

The Company also announced the departure of Brian Lynch, President and
COO. “I want to thank Brian for his contributions to ascena. Among his
accomplishments, Brian led ascena’s Change for Growth
transformation plan which is on track to deliver a run rate cost savings
of $300 million by July 2019,” said Mr. Jaffe.

In connection with her appointment, Ms. Teffner has stepped down from
her committee positions. Chuck Rubin has been appointed as the Chair of
the Audit Committee and Linda Yaccarino has been appointed as the Chair
of the Compensation and Stock Incentive Committee.

Biographies

Gary Muto

Gary Muto is a seasoned retail leader with an extensive career and
impressive track record.

Mr. Muto joined ANN INC. / ascena retail group, inc. in 2008 as the
President of LOFT. In 2013, he assumed responsibility for leading the
Ann Taylor, LOFT and Lou & Grey brands. In August 2017, he was promoted
to President and Chief Executive Officer of ascena brands, a role which
included reinvigorating and driving top-line growth across ascena’s full
brand portfolio.

Between 1998 and 2007, Mr. Muto held several leadership roles at Gap
Inc., including President of Banana Republic and President of Gap
brands. While at Gap Inc., Mr. Muto also launched the specialty brand,
Forth & Towne.

After earning his Bachelor of Science degree in Marketing from St.
John’s University, Mr. Muto started his retail career as a Group Buyer
at Abraham & Straus.

Carrie W. Teffner

Carrie Teffner has been a member of the ascena Board of Directors since
2018, and until her appointment as Interim Executive Chair, served as
Chair of the Audit Committee and as a member of the Compensation and
Stock Incentive Committee.

Ms. Teffner joined Crocs Inc. (“Crocs”) as a member of Board of
Directors in 2015. Six months later, she was asked to assume
responsibilities as Executive Vice President and Chief Financial
Officer. Prior to her departure in April 2019, Ms. Teffner served as
Crocs’ Executive Vice President of Finance and Strategic Projects.

Prior to Crocs, Ms. Teffner served as Executive Vice President and Chief
Financial Officer of PetSmart, Inc. (2013 – 2015) where she was
responsible for finance and IT. Ms. Teffner also served as Executive
Vice President and Chief Financial Officer of Weber Stephen Products LLC
(2011-2013) and the Timberland Company, as Senior Vice President and
Chief Financial Officer (2009-2011). Since 2018, she has been a Director
of GameStop Corp.

Ms. Teffner spent the first 21 years of her career with Sara Lee
Corporation where she held various domestic and international positions
including divisional and segment CFO roles as well as serving as Global
Treasurer.

About ascena retail group, inc.

ascena retail group, inc. (Nasdaq: ASNA) is a leading national specialty
retailer offering apparel, shoes, and accessories for women under the Premium
Fashion
 segment (Ann TaylorLOFT, and Lou
& Grey
), Value Fashion segment (maurices and dressbarn), Plus
Fashion
 segment (Lane Bryant, Catherines and Cacique),
and for tween girls under the Kids Fashion segment (Justice).
ascena retail group, inc. operates ecommerce websites and approximately
4,500 stores throughout the United States, Canada and Puerto Rico. For
more information about ascena retail group, inc. visit:
ascenaretail.com, AnnTaylor.com, factory.anntaylor.com, LOFT.com,
outlet.loft.com, louandgrey.com, maurices.com, dressbarn.com,
lanebryant.com, Catherines.com, and shopjustice.com.

Forward-Looking Statements

Certain information in this press release contains statements that are
forward-looking in nature and involve certain significant risks and
uncertainties. Actual results could differ materially from such
forward-looking information. ascena’s Securities and Exchange Commission
(“SEC”) filings identify many such risks and uncertainties. The
forward-looking information in this press release could be affected by
many factors, including, without limitation, risks associated with the
ability to retain key personnel, changes in financial markets, interest
rates and foreign currency exchange rates, the ability to achieve
anticipated cost reductions, the ability to achieve a successful outcome
for its portfolio brands and to otherwise achieve its business
strategies, and those additional risks and factors discussed in reports
filed with the SEC by ascena from time to time, including those
discussed under the heading “Risk Factors” in its most recently filed
Annual Report on Form 10-K. We undertake no duty and have no obligation
to update any forward-looking statements contained herein.

Contacts

For investors:
ICR, Inc.
Jean Fontana
Managing
Director
(646) 277-1214
[email protected]

Jennifer Davis
Senior Vice President
(646) 677-1813
[email protected]

For media:
ascena retail group, inc.
Shawn Buchanan
Corporate
Communications
(212) 541-3418
[email protected]

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