Destination Maternity (NASDAQ: DEST) announced today the appointment of Melissa Payner-Gregor, an independent director of the Company, as Interim Chief Executive Officer, effective immediately. Ms. Payner-Gregor is succeeding Allen Weinstein, who had been serving in the role since September 2017. Mr. Weinstein has decided to retire from the Board for personal reasons, also effective immediately.
The Company also announced the establishment of an "Office of the CEO" which will be comprised of Ms. Payner-Gregor and each of the following reporting into Ms. Payner-Gregor: Ronald J. Masciantonio, the Company's Executive Vice President & Chief Administrative Officer, David Stern, the Company's Executive Vice President & Chief Financial Officer, and Shelley Liebsch, the Company's Senior Vice President of Merchandising and Design.
The Company also announced it is working with Kirk Palmer Associates in the ongoing search for a new permanent Chief Executive Officer.
Commenting on behalf of the Board, Barry Erdos, Chairman of the Board, said, "We are grateful to Allen for his service on our Board for the last seven plus years as well as his recent service as interim CEO and the progress that has been made. We are also appreciative of Melissa's willingness to lead the Company during this period of transition, and we are confident that she and our senior management team will continue our forward progress, as we to look for the right chief executive to lead Destination Maternity's next phase of growth."
Interim CEO Melissa Payner-Gregor has served as a director of the Destination Maternity Board since August 2009. Ms. Payner-Gregor is currently working as a consultant for several retail/e-commerce companies. She served as an advisor to Bluefly Inc. in 2015, having previously served as the company's Chief Executive Officer from 2004 to 2012. In 2003 she was Bluefly's President. Prior to joining Bluefly, Ms. Payner-Gregor held senior management positions with prominent retailers and consumer products companies, including Chief Executive Officer and President of Spiegel Catalog and President of Chico's FAS.
About Destination Maternity
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. As of October 28, 2017, Destination Maternity operates 1,147 retail locations in the United States, Canadaand Puerto Rico, including 501 stores, predominantly under the trade names Motherhood Maternity®, A Pea in the Pod® and Destination Maternity®, and 646 leased department locations. The Company also sells merchandise on the web primarily through its brand-specific websites, motherhood.com and apeainthepod.com, as well as through its destinationmaternity.com website. Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea, Mexico, Israel and India. As of October 28, 2017, Destination Maternity has 208 international franchised locations, including 16 standalone stores operated under one of the Company's nameplates and 192 shop-in-shop locations.