Destination Maternity Names Anthony Romano CEO, Succeeding Edward Krell

(RTTNews) - Maternity apparel retailer Destination Maternity Corp. (DEST) said Monday that Edward Krell has stepped down as the company's chief executive officer and a member of the board of directors, after serving at the helm of the company for almost six years.

He will be succeeded by Anthony Romano, who has been named CEO and also appointed to the company's board with immediate effect.

Romano, aged 52, has held executive leadership positions at major publicly-held retailers, including Ascena Retail Group, Inc. (ASNA), Charming Shoppes and Ann Inc. (ANN).

Arnaud Ajdler, Chairman of the Board of Directors of Destination Maternity said, "Ed joined the Company as chief financial officer in 2002 and has served as the Company's chief executive officer since 2008. Under his leadership the Company made important progress, strengthening management, enhancing operations, improving financial performance and increasing shareholder value."

Krell said, "After leading the team that significantly strengthened the Company over the past six years as CEO, the Board and I decided that this was a logical time for a change in leadership at the Company, and a logical time for me to pursue other opportunities."

Incoming CEO Romano joined Charming Shoppes, Inc., a $2 billion, publicly-traded specialty retailer, in 2009 as its executive vice president of business transformation/global sourcing. He was named interim chief executive officer of that company in October 2010 and CEO in March 2011.

Romano remained president and CEO of Charming Shoppes following its sale to Ascena Retail Group in May 2012, and was a member of Ascena Retail's executive leadership group, until March 2013. From 1997 to 2008, he held positions of increasing responsibility at Ann.

Outgoing CEO Krell has served as a director and CEO of Destination Maternity since October 2008. From August 2010 to May 2011, he also served as the company's President. From July 2008 until October 2008, Krell served as chief operating officer and from May 2007 to July 2008, he was chief operating officer & chief financial officer.

From November 2003 to May 2007, Krell served as executive vice president - chief financial officer, having served as senior vice president-CFO from the time he joined the company in January 2002 until November 2003.

Prior to joining Destination Maternity, Krell served in various senior financial management positions, including as CFO of London Fog Industries, Inc., a wholesale and retail distributor of rainwear and outerwear.

DEST is trading at $19.91, down $0.02 or 0.10 percent on a volume of 1,245 shares.