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. Mr. Jaffe will continue to serve as a member of the company's Board of Directors (the “Board”) following his retirement. In addition, Mr. Jaffe will remain an employee of the company and serve as a senior advisor to Gary Muto, the newly-appointed Chief Executive Officer of the Company, through June 28, 2019, at which time Mr. Jaffe's retirement as an employee of the Company will become effective.

While serving as a senior advisor, Mr. Jaffe's will be paid a salary at the annualized rate of $250,000. On May 1, 2019, the company announced the appointment of Gary Muto as the Company's Chief Executive Officer and a member of the Board, succeeding David Jaffe, who is retiring as Chairman and Chief Executive Officer of the Company, effective as of that date. Mr. Muto will join the Board as a member of the class of directors whose terms of office expire at the Company's 2021 Annual Meeting of Stockholders.

Prior to his appointment as Chief Executive Officer, Mr. Muto served as President and Chief Executive Officer-ascena Brands since August 2017, and previously served as President and Chief Executive Officer of the Company's Premium Fashion segment. On May 1, 2019, the Company announced the appointment of Carrie Teffner as Interim Executive Chair of the Board (“Interim Chair”), effective as of that date. Ms. Teffner has been a member of the Board since 2018.

Ms. Teffner served as Executive Vice President Finance and Strategic Projects of Crocs, Inc. (“Crocs”) from August 2018 to April 2019, and served as Executive Vice President and Chief Financial Officer of Crocs from December 2015 to August 2018. Prior to joining Crocs, Ms. Teffner served as Executive Vice President and Chief Financial Officer of PetSmart, Inc. from 2013 to 2015 until it was sold to BC Partners, where she was responsible for finance and information technology. Ms. Teffner also served as Executive Vice President and Chief Financial Officer of Weber Stephen Products LLC from 2011 to 2013.

On May 1, 2019, the Company announced that Brian Lynch, the Company's President and Chief Operating Officer, was departing. On May 1, 2019, the Company entered into a retention agreement with Robb Giammatteo, the Company's Executive Vice President and Chief Financial Officer.