Ron Hovsepian joins AnnTaylor as Non-Executive Chairman of Board
20 Aug '05
3 min read
Women's clothing retailer AnnTaylor Stores Corporation announced that it elected Ronald W. Hovsepian as Non-Executive Chairman of the Board, effective upon the retirement of J. Patrick Spainhour as Chairman and Chief Executive Officer (CEO).
The appointment is an important step in Ann Taylor's previously announced management succession plan, which has been designed to assure a smooth, seamless transition to the Company's next generation of leaders while adhering to the best practices of corporate governance.
In March 2005, the Company announced that Kay Krill would become President and Chief Executive Officer of the Company, effective upon Mr. Spainhour's retirement. Mr. Hovsepian has been a member of the Ann Taylor Board of Directors since 1998.
Mr. Spainhour stated, "They are delighted that Ron, a long-time member of company Board, will play a greater role in Ann Taylor's next stage of growth. His experience will complement Kay's leadership and expertise as the Company moves forward."
Ms. Krill included, "Ron is an experienced leader who brings a valuable outside perspective to Ann Taylor and is knowledgeable about the workings of company Board. I look forward to working together with Ron to continue to build the value of our Company for all of our stakeholders."
Mr. Hovsepian said, "I commend the Company on the excellent transition plan it has adopted and look forward to playing a more active role in the interaction with the Board so that Kay is able to concentrate her full attention on our business."
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